Indices trade with decent gains; IT stocks advance

The key equity indices traded with decent gains in morning trade. The Nifty was trading above the 16,650 mark. IT shares resumed their uptrend after a day's breather.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 121.03 points or 0.22% to 56,080.01. The Nifty 50 index was up 55.45 points or 0.33% at 16,680.05.

The Sensex hit a record high of 56,188.13 in morning trade today.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index gained 0.90%.

The market breadth was strong. On the BSE, 2075 shares rose and 770 shares fell. A total of 102 shares were unchanged.

Global sentiment improved as US House passed a measure approving $3.5 trillion budget blueprint and USFDA granted full approval to Covid-19 vaccine developed by Pfizer.

Investors continued to remain concerned that spread of highly infectious delta variant may derail the global economic recovery. Additionally, markets will remain vigilant ahead of the Jackson Hole Symposium.

US central bankers will meet virtually for an annual gathering traditionally held in Jackson Hole in Wyoming. Jerome H. Powell, the Fed's chair, will speak on Friday and is expected to reveal details about how and when the bank plans to begin winding down its bond-buying program.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 213,167,989 with 4,451,812 global deaths.

India reported 322,327 active cases of COVID-19 infection and 435,758 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

India's COVID-19 vaccination coverage has crossed 59 crore 47 lakh mark. The cumulative figure stands at 59 crore 47 lakh 65 thousand and 751.

Buzzing Index:

The Nifty IT index rose 1.43% to 34,323.30. The index declined 0.24% yesterday.

In the past one month, the Nifty IT index has gained 14.64% while the benchmark Nifty 50 index has added 5.96% during the same period.

Coforge (up 4.89%), Larsen & Toubro Infotech (up 2.89%), TCS (up 2.08%), Oracle Financial Services Software (up 2.03%), MindTree (up 1.46%), HCL Tech (up 1.39%), Infosys (up 1.23%), Mphasis (up 0.78%), Wipro (up 0.58%) and Tech Mahindra (up 0.19%) advanced.

Tata Elxsi was up 2.41% to 4,858.95. The stock has climbed 14.45% in the past one month and it has surged 345.61% in the past one year.

Stocks in Spotlight:

ICICI Bank shed 0.22% to Rs 692.85. The Reserve Bank of India (RBI) approved reappointment of Sandeep Bakhshi as managing director and CEO of the bank from 15 October 2021 to 3 October 2023.

CreditAccess Grameen rose 0.12% to Rs 619.55. The MFI said that its board has considered and approved the terms and conditions for issuance of 1000 non-convertible debentures of face value Rs 10 lakh each, aggregating up to Rs. 100 crore.

Tatva Chintan Pharma Chem fell 1.47% to Rs 2105.05. The company announced the resignation of Mahesh Tanna from the post of chief financial officer and key managerial personnel of the company on 24 August 2021. The company said that it is in the process of appointing successor as chief financial officer and key managerial personnel.

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