Indices extend gains; IT stocks in demand

The benchmark indices extended initial gains in morning trade, buoyed by IT and pharma scrips. At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 545.81 points or 1.02% at 53,969.90. The Nifty 50 index gained 139.25 points or 0.87% at 16,152.70.

In the broader market, the S&P BSE Mid-Cap index added 1.10% while the S&P BSE Small-Cap index rose 1.33%.

The market breadth was strong. On the BSE, 2,406 shares rose and 619 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,142.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,489.59 crore in the Indian equity market on 8 March 2022, provisional data showed.

LIC IPO:

State-owned insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday has received capital markets regulator Sebi's go-ahead to raise funds through an initial share sale. The government will sell over 31 crore equity shares of LIC.

Buzzing Index:

The Nifty IT index rose 1.47% to 35,570.25. The index rose 4.20% in the past two trading sessions.

Tech Mahindra (up 2.80%), Mphasis (up 2.16%), MindTree (up 2.15%), L&T Technology Services (LTTS) (up 1.97%) and Infosys (up 1.96%) were the top gainers in the IT segment.

Stocks in Spotlight:

Bharat Forge rose 0.89%. The forging company announced incorporation of a step-down subsidiary, Sagar-Manas Technologies (SMTL). Kalyani Strategic Systems (KSSL), a wholly owned subsidiary of Bharat Forge has incorporated SMTL on 7 March 2022, as a wholly owned subsidiary. SMTL is incorporated as a part of a joint venture agreement executed between KSSL and Kyrgyzstan-based Open Joint Stock Company Dastan Transnational Corporation ("Dastan"). The JV aims to participate in joint upgradation and manufacturing/providing solutions for marine and defence products, which will be undertaken through SMTL as a special purpose vehicle.

Atul declined 2.01%. Atul on Wednesday announced that it completed the expansion of its Sulphur Black manufacturing facility. The expansion will see production capacity increase from 9,800 tonnes per annum to 26,000 tonnes per annum. The integrated plant will produce both, liquid as well as powder formulations. Atul further said that the plant will be equipped with a zero liquid discharge facility in line with the commitment of the company towards sustainability. The products are GOTS approved and Oeko-Tex Standard 100 compliant.

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