Indices trade with strong gains; IT shares in demand

The domestic equity benchmarks continued to trade with decent gains in morning trade. The Nifty marched towards the 17,850 mark. IT shares witnessed some bit of value buying after a two-day sell off.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 281.91 points or 0.47% to 60,713.75. The Nifty 50 index gained 68.20 points or 0.38% to 17,839.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index slipped 0.47%

The market breadth was weak. On the BSE, 1,214 shares rose and 1,905 shares fell. A total of 152 shares were unchanged.

Results Today:

Adani Enterprises (down 2.94%), Apollo Hospitals Enterprise (down 0.96%), Grasim Industries (down 0.75%), Oil And Natural Gas Corporation (up 0.27%), NMDC (down 1.77%), PI Industries (down 0.89%), Siemens (down 0.97%), Bharat Forge (up 0.55%), Biocon (down 0.74%), Eicher Motors (down 0.23%), Aster DM Healthcare (up 0.93%), Bata India (down 0.17%), Bosch (up 0.25%), CESC (up 1.28%), EID-Parry (India) (down 2.03%), Eureka Forbes (up 2.57%), GMR Airports Infrastructure (down 0.04%), Ipca Laboratories (up 0.34%), Jindal Poly Films (up 3.05%), Prestige Estates Projects (up 0.02%), Radico Khaitan Radico Khaitan, Rajesh Exports (up 0.12%), SpiceJet (down 2%) and Torrent Power (down 0.40%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index rose 1.31% to 30,686.40. The index had fallen 2.26% in the past two sessions.

L&T Technology Services (up 2.36%), Persistent Systems (up 1.91%), HCL Technologies (up 1.9%), Infosys (up 1.56%) and LTI Mindtree (up 1.54%) were the top gainers.

Among the other gainers were Tech Mahindra (up 1.48%), Wipro (up 1.1%), Tata Consultancy Services (up 1.07%), Mphasis (up 1.02%) and Coforge (up 0.48%).

Stocks in Spotlight:

Vodafone Idea slipped 1.65%. As per media reports, the teleco has started fresh talks with key lenders, including State Bank of India, Punjab National Bank and HDFC Bank, to refinance Rs 3,000-4,000 crore of loans.

Lumax Auto Technologies declined 2.11%. The company's revenue for the quarter increased by 4.1% YoY to Rs 445 crore. EBITDA grew 5.2% to Rs 47 crore and EBITDA margin expanded 11bps to 10.6%. PAT stood at Rs 23cr, up 8.3 YoY.

Gujarat State Petronet shed 0.58%. The company's standalone net revenue was down by 14.6% YoY to Rs 402 crore in Q3 FY23. EBITDA fell by 19.8% YoY to Rs 270 crore and EBITDA margin stood at 67.1% in Q3 FY23 as against 71.4% in Q3 FY22. Net Profit declined by 19.9% YoY to Rs 171 crore during the period under review.

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