Nifty hovers above 18,600 level, IT stocks in demand

29 Nov 2022 , 02:33 PM

The benchmark indices traded with modest gains in the mid-afternoon trade. The Nifty hovered above the 18,600 level. Barring the Nifty Auto index, all the sectoral indices on the NBE were in the green. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 246.84 points or 0.39% to 62,751.64. The Nifty 50 index gained 85.55 points or 0.46% to 18,648.30. The two benchmarks hit all-time highs in intraday today at 18,678.10 for Nifty 50 index and 62,887.40 for Sensex. The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.19% while the S&P BSE Small-Cap index added 0.05%. The market breadth was positive. On the BSE, 1,831 shares rose and 1,627 shares fell. A total of 140 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper fell to 7.279 as compared with 7.274 at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.64, compared with its close of 81.6850 during the previous trading session. MCX Gold futures for 5 December 2022 settlement gained 0.63% to Rs 52,500. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.39% to 106.26. The United States 10-year bond yield fell 1.12% to 3.661. In the commodities market, Brent crude for January 2023 settlement rose $1.75 or 2.10% to $84.94 a barrel. Buzzing Index: The Nifty IT index rose 0.50% to 30,462. The index shed 0.08% in the past trading session. HCL Technologies (up 1.62%), Tata Consultancy Services (up 0.64%), Tech Mahindra (up 0.57%), Wipro (up 0.57%), Infosys (up 0.54%), Coforge (up 0.28%), Mphasis (up 0.22%), Persistent Systems (up 0.07%) edged higher. On the other hand, Larsen & Toubro Infotech (down 0.32%), L&T Technology Services (down 0.26%), declined. Stocks in Spotlight: Shakti Pumps (India) rallied 5.75% after the companys promoter acquired 12,000 shares of the company from the open market on Monday. As per the companys exchange filing, Vintex Tools, an entity belonging to the promoter group of Shakti Pumps, acquired 12,000 shares of the company (equivalent to 0.07% stake) in the open market on 28 November 2022. Prior to this acquisition, Vintex Tools held 7,26,000 share or 3.94% stake in Shakti Pumps. Post the said acquisition, its holding in the company has gone up to 4.01%. Kolte-Patil Developers fell 0.90%. The company said that Gopal Laddha has resigned from the position of chief financial officer (CFO) of the company with effect from close of business hours on 28 November 2022. The companys board has approved the appointment of Khiroda Chandra Jena as chief financial officer of the company with effect from 29 November 2022. Powered by Capital Market – Live News