Sensex reclaims 60,000 level, Nifty above 17,950 mark, IT stocks in demand

The domestic equity barometers traded with moderate gains in the morning trade. The Nifty traded a tad above the 17,950 mark. IT shares extended gains for the fourth consecutive trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 395.88 points or 0.66% to 60,189.02. The Nifty 50 index gained 119.30 points or 0.67% to 17,952.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.74% while the S&P BSE Small-Cap index gained 0.88%.

The market breadth was strong. On the BSE, 2,295 shares rose and 1,004 shares fell. A total of 180 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,132.42 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,167.56 crore in the Indian equity market on 9 September, provisional data showed.

Buzzing Index:

The Nifty IT index gained 1.76% to 29,229.15, extending its gaining streak for the fourth session. The index advanced 5.36% in four trading sessions.

Larsen & Toubro Infotech (up 2.79%), Tech Mahindra (up 2.36%), Mindtree (up 2.34%), Infosys (up 2.08%), Wipro (up 1.46%), HCL Technologies (up 1.42%), Coforge (up 1.38%), Tata Consultancy Services (TCS) (up 1.18%), Mphasis (up 1.1%) and L&T Technology Services (up 0.85%) edged higher.

Stocks in Spotlight:

Anupam Rasayan India fell 1.59% after the company reported a fire accident at its plant at Unit 6 in Sachin GIDC, Surat, on Saturday (10 September) night. The fire response team and the local fire brigade brought the fire under control in around one hour. The cause of the incident is being investigated. "At the time of submitting this information, there are 4 fatalities reported, and 20 people are injured and are receiving treatment at the local hospital. Our priority is currently our workers and employees. We stand with our affected people and their families," the company said.

Oil and Natural Gas Corporation (ONGC) rose 0.22%. ONGC has signed six contracts for discovered small fields (DSF) in the offshore under DSF-III bid round, with three each for fields in the Arabian Sea and Bay of Bengal. Out of which, the company has won four contracts as sole bidder and remaining two contracts in partnership with Indian Oil Corporation (IOCL).

The company also signed two contracts for fields under special CBM bid round-2021 blocks in Jharkhand and Madhya Pradesh. For the two CBM blocks awarded to ONGC, the total investment commitment is to the tune of $5.94 million. In the six DSF-III blocks awarded to ONGC (two under JV with IOC) an investment of $1894.5 million is planned towards development in the blocks, said the company.

Gujarat Industries Power Company gained 2.03%. The company said that its board, at the meeting held on Friday (9 September 2022), has approved the award of EPC contract to KEC International at the cost of Rs 244 crore. The contract is for pooling sub-station 400/33 KV, 1200 MW (PSS-1, phase-1 & phase-II of 600 MW each) of solar / wind / hybrid RE Park of 2375 MW capacity at Great Rann of Kutch area, Gujarat.

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