Benchmarks firm up once again; IT shares advance

Key benchmark indices firmed up once again and traded near the day's high in morning trade. The Nifty regained 11,800 mark. The Sensex traded above its psychological 40,000 mark. At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 191.88 points or 0.48% at 40,023.72. The Nifty 50 index was up 57.20 points or 0.49% at 11,844.05.

The S&P BSE Mid-Cap index was up 0.64%. The S&P BSE Small-Cap index was up 0.6%. Both these indices outperformed the Sensex.

The market breadth was titled in the favour of the buyers. On the BSE, 1128 shares rose and 325 shares fell. A total of 123 shares were unchanged. In Nifty 50 index, 28 stocks advanced and 22 stocks declined.

The Nifty IT index was up 0.96%, extending its winning streak for fourth consecutive session. The IT index surged 3.53% in four trading sessions to 15302.55 from its previous closing low of 14780.5 on 24 October 2019.

NIIT Tech (up 2.2%), Infosys (up 2.08%), Hexaware Technologies (up 1.63%), Wipro (up 0.96%), Tata Elxsi (up 0.65%), Zensar Technologies (up 0.35%), TCS (up 0.28%), Tech Mahindra (up 0.27%) and HCL Technologies (up 0.12%) advanced.

Graphite India (down 0.03%), Tata Chemicals (up 1.67%), JK Tyre (up 0.36%), Tata Global Beverages (up 0.84%), Container Corporation of India (up 0.83%), Quess Corp (up 0.21%), Phillips Carbon Black (up 0.04%), CreditAccess Gramen (down 0.52%), The Ramco Cements (up 1.51%) and United Bank of India (up 9.43%) will announce their Q2 results today.

Shares of PVR were trading 1.23% lower at Rs 1766.35. The cinema chain operator in an exchange filing reported that it has closed the qualified institutional placement (QIP) which was earlier issued by the company on 23 October 2019. The company approved the QIP at Rs 1719.15 for 29,08,583 equity shares.

SKF India declined 2.3%. On standalone basis, company's net profit rose 0.4% to Rs 84.62 crore on a 2.5% decline in net sales to Rs 747.20 crore in Q2 September 2019 as against Q2 September 2018.

Shares of Bharti Airtel were trading 1.81% higher at Rs 366.45. Bharti Airtel announced its operational updated for the quarter ending September 2019. The telecom major, Bharti Airtel has registered a 28% growth in Average Revenue per User to Rs 128 in Q2 September 2019 over Rs 100 in Q2 September 2018 in its mobile services business.

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