Barometers trade flat; IT stocks in demand

12 Aug 2022 , 12:24 PM

The domestic equity barometers traded near the flat line, with some positive bias in early afternoon trade. The Nifty traded below the 17,700 mark. IT shares witnessed across the board buying. At 12:22 IST, the barometer index, the S&P BSE Sensex, was up 16.67 points or 0.03% to 59,349.27. The Nifty 50 index rose 12.85 points or 0.07% to 17,671.85. In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.55%. The market breadth was positive. On the BSE, 1,907 shares rose and 1,346 shares fell. A total of 148 shares were unchanged. Derivatives: The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, fell 3.54% to 17.71. The Nifty 25 August 2022 futures were trading at 17,692.15, at a premium of 20.3 points as compared with the spot at 17,671.85. The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 26.1 lakh contracts at the 18,000 strike price. Maximum Put OI of 28.5 lakh contracts were seen at 17,500 strike price. Buzzing Index: The Nifty IT index slipped 1.21% to 29,867.85. The index had advanced 1.79% to end at 30,233.70 yesterday. Mindtree (down 1.92%), Mphasis (down 1.73%), Infosys (down 1.47%), Larsen & Toubro Infotech (down 1.44%) and Coforge (down 1.21%) were the top losers. Among the other losers were Tech Mahindra (down 0.67%), Tata Consultancy Services (down 0.65%), Wipro (down 0.36%) and HCL Technologies (down 0.24%). Stocks in Spotlight: Adani Enterprises added 0.98%. The Adani Group will invest Rs 57,575 crore in the state of Odisha. The high-level clearance authority (HLCA) of the Govt of Odisha approved the Adani Groups proposal to set up two projects – a 4 MMTPA integrated alumina refinery and a 30 MMTPA iron ore (value addition) project. Trent gained 0.51%. The Tata Group retail firm reported a consolidated net profit of Rs 130.51 crore in Q1 FY23 as against a net loss of Rs 126.59 crore recorded in Q1 FY22. The company reported revenue from operations of Rs 1,803.15 crore in the first quarter, steeply higher than Rs 491.99 crore posted in the corresponding quarter previous year. Powered by Capital Market – Live News