IT stocks gain

Indices trimmed gains in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 70.14 points or 0.2% at 35,269.94. The Nifty 50 index was up 16 points or 0.15% at 10,616.05. IT stocks gained.

Stocks drifted higher in early trade as buying resumed in the market after a two-day slide. Key benchmark indices extended gains in morning trade.

Domestic stock markets will remain closed tomorrow, 23 November 2018 on account of Gurunanak Jayanti. US financial markets will be closed Thursday for the Thanksgiving Day holiday and see an early close Friday.

The S&P BSE Mid-Cap index was off 0.01%. The S&P BSE Small-Cap index was up 0.33%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1208 shares rose and 963 shares fell. A total of 124 shares were unchanged.

IT stocks gained. Tech Mahindra (up 2%), TCS (up 1.46%), Infosys (up 0.49%), Wipro (up 0.35%), HCL Technologies (up 0.84%), Oracle Financial Services Software (up 0.18%), L&T Infotech (up 1.66%), MindTree (up 2.16%), Hexaware Technologies (up 0.49%) and Mphasis (up 1.57%) rose.

Indraprastha Gas rose 0.51% to Rs 266.70 after a bulk deal of 10 lakh shares was executed on the scrip at Rs 265.15 per share at 09:28 IST on BSE.

Indoco Remedies jumped 6.22% after the company said that Rating Committee of ICRA has reaffirmed rating at [ICRA]A+ (pronounced ICRA ~ plus) for the long term borrowing programme of the company. The outlook on the long term rating is 'Stable'. The announcement was made after market hours yesterday, 21 November 2018.

Overseas, Asian stock markets were trading mixed ahead of the Thanksgiving holiday in the US. US stock indexes ended mostly higher Wednesday, with the S&P and Nasdaq recapturing a small share of the of the ugly losses accumulated Monday and Tuesday, led by the same growth technology stocks which had been a main driver of market's recent woes.

In US economic data, orders for US-manufactured durable goods fell by 4.4% in October, the largest decline in 15 months. Existing-home sales rose for the first time in six months, at a seasonally adjusted annual rate of 5.22 million in October, up 1.4% from September. The University of Michigan's consumer-sentiment index fell to 97.5 in November from 98.6 in October.

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