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Markets edge up as IT stocks gain; Broader markets outperform

BSE Midcap and BSE Smallcap outperformed the frontline indices

SI Reporter  |  New Delhi 

Image via Shutterstock
Image via Shutterstock

Benchmark indices gained in the afternoon trade led by IT stocks after said its board would consider a share buyback plan at a meeting next week. The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.
 
Asian surging to one-and-a-half year highs thanks to an extended rally on Wall Street and strong US data, also contributed to the gains.


 
At 1:18 pm, the S&P BSE was trading at 28,255, up 99 points, while the broader Nifty50 was ruling at 8,758, up 33 points. In the broader market, the BSE and BSE outperformed the frontline indices and rose 0.6% and 0.9%, respectively.
 
About 1376 shares advanced against 877 declining shares on the BSE.
 
Shares of rose as much as 2.7% at intra-day to their highest since September 7, 2016, heading for their 10th session of gains in 12 this month. In past one year, the stock of the country’s largest software company has underperformed the market by gaining 6% as compared to 19.5% surge in the S&P BSE
 
was the biggest gainer among stocks, up 2.9% after declining in the previous session on poor quarterly results. The company has received tentative approval from USFDA for Tadalafil tablets that are used to treat erectile dysfunction & arterial hypertension.  
 
shares rebounded 1.4% on short covering. The stock fell nearly 14% in last two sessions after disappointing set of earnings.
 
climbed as much as 3% during the intra-day after the cabinet on Wednesday approved its planned merger with five subsidiary banks.
 
Among losers, ITC, Adani Ports and ICICI Bank fell 1.6%, 1.1% and 0.98% respectively.

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Markets edge up as IT stocks gain; Broader markets outperform

BSE Midcap and BSE Smallcap outperformed the frontline indices

BSE Midcap and BSE Smallcap outperformed the frontline indices Benchmark indices gained in the afternoon trade led by IT stocks after said its board would consider a share buyback plan at a meeting next week. The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.
 
Asian surging to one-and-a-half year highs thanks to an extended rally on Wall Street and strong US data, also contributed to the gains.
 
At 1:18 pm, the S&P BSE was trading at 28,255, up 99 points, while the broader Nifty50 was ruling at 8,758, up 33 points. In the broader market, the BSE and BSE outperformed the frontline indices and rose 0.6% and 0.9%, respectively.
 
About 1376 shares advanced against 877 declining shares on the BSE.
 
Shares of rose as much as 2.7% at intra-day to their highest since September 7, 2016, heading for their 10th session of gains in 12 this month. In past one year, the stock of the country’s largest software company has underperformed the market by gaining 6% as compared to 19.5% surge in the S&P BSE
 
was the biggest gainer among stocks, up 2.9% after declining in the previous session on poor quarterly results. The company has received tentative approval from USFDA for Tadalafil tablets that are used to treat erectile dysfunction & arterial hypertension.  
 
shares rebounded 1.4% on short covering. The stock fell nearly 14% in last two sessions after disappointing set of earnings.
 
climbed as much as 3% during the intra-day after the cabinet on Wednesday approved its planned merger with five subsidiary banks.
 
Among losers, ITC, Adani Ports and ICICI Bank fell 1.6%, 1.1% and 0.98% respectively.
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Business Standard
177 22

Markets edge up as IT stocks gain; Broader markets outperform

BSE Midcap and BSE Smallcap outperformed the frontline indices

Benchmark indices gained in the afternoon trade led by IT stocks after said its board would consider a share buyback plan at a meeting next week. The buyback, if approved in the board meeting, would be the company's first since its listing in 2004.
 
Asian surging to one-and-a-half year highs thanks to an extended rally on Wall Street and strong US data, also contributed to the gains.
 
At 1:18 pm, the S&P BSE was trading at 28,255, up 99 points, while the broader Nifty50 was ruling at 8,758, up 33 points. In the broader market, the BSE and BSE outperformed the frontline indices and rose 0.6% and 0.9%, respectively.
 
About 1376 shares advanced against 877 declining shares on the BSE.
 
Shares of rose as much as 2.7% at intra-day to their highest since September 7, 2016, heading for their 10th session of gains in 12 this month. In past one year, the stock of the country’s largest software company has underperformed the market by gaining 6% as compared to 19.5% surge in the S&P BSE
 
was the biggest gainer among stocks, up 2.9% after declining in the previous session on poor quarterly results. The company has received tentative approval from USFDA for Tadalafil tablets that are used to treat erectile dysfunction & arterial hypertension.  
 
shares rebounded 1.4% on short covering. The stock fell nearly 14% in last two sessions after disappointing set of earnings.
 
climbed as much as 3% during the intra-day after the cabinet on Wednesday approved its planned merger with five subsidiary banks.
 
Among losers, ITC, Adani Ports and ICICI Bank fell 1.6%, 1.1% and 0.98% respectively.

image
Business Standard
177 22