Benchmarks trade with decent gains; IT shares in demand

The domestic equity benchmarks continued to trade with decent gains in morning trade. IT shares extended gains for the third day. The Nifty was trading near 15,100 mark as positive global cues boosted sentiment.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 285.55 points or 0.56% to 51,311.03. The Nifty 50 index added 81.15 points or 0.54% at 15,098.40.

In the broader market, the S&P BSE Mid-Cap index gained 0.81% while the S&P BSE Small-Cap index rose 0.76%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1579 shares rose and 870 shares fell. A total of 121 shares were unchanged.

Global shares rallied as falling US bond yields eased concerns about surging inflation. The pullback for yields on Tuesday came as investors watched for the final passage of the Democrats' $1.9 trillion stimulus package in Congress.

On Tuesday, the US House of Representatives voted to advance President Joe Biden's $1.9 trillion Covid-19 relief bill, clearing the way for the measure to be considered on Wednesday, when it is expected to pass.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 117,537,679 with 2,609,805 deaths. India reported 184,598 active cases of COVID-19 infection and 158,063 deaths while 108,39,894 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty IT index rose 1.27% to 25,908.25, advancing for third day in a row. The index has added 2.69% in three sessions while the benchmark Nifty 50 has gained 1.66% during the same period.

Coforge (up 6.29%), Larsen & Toubro Infotech (up 5.07%), Mphasis (up 3.24%), MindTree (up 2.21%), Wipro (up 1.32%), HCL Tech (up 1.28%), Tech Mahindra (up 1.11%), Infosys (up 1.07%) and TCS (up 0.46%) advanced.

Stocks in Spotlight:

AU Small Finance Bank rose 2.34% to Rs 1260. The capital raising committee of the board of directors of the bank, at its meeting held on 9 March 2021, authorised the opening of qualified institutional placement (QIP) issue and approved the floor price of Rs 1181.06 per equity share, the small finance bank said in a regulatory filing made after market hours yesterday.

Godrej Properties gained 4.14% to Rs 1512 after the company launched a QIP of equity shares on Tuesday (9 March 2021). In a regulatory filing, the company said the QIP committee of the board of directors, in its meeting held on Tuesday, approved and adopted the preliminary placement document in connection with the issue. It also approved the opening of the issue from 9 March 2021. The panel approved the floor price for the issue at Rs 1,513.39.

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