Sensex at record high; Nifty near 18,600; IT stocks advance

The key equity indices continued to extend gains and hit fresh highs in the early afternoon trade. The Nifty marched above the 18,550 level. IT stocks advanced for the third straight day.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 353.5 points or 0.57% to 62,647.14. The Nifty 50 index added 87.10 points or 0.47% to 18,599.85.

The benchmark S&P BSE Sensex hit fresh record high at 62,661.44 while the Nifty 50 index hit a fresh 52-week high at 18,604.35 in intraday today.

In the broader market, the S&P BSE Mid-Cap index rose 0.73% while the S&P BSE Small-Cap index added 0.69%.

The market breadth was strong. On the BSE, 2157 shares rose, and 1324 shares fell. A total of 178 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.81% to 13.5750. The Nifty 29 December 2022 futures were trading at 18,725.60, at a premium of 125.75 points as compared with the spot at 18,599.85.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 35.6 lakh contracts at the 19,000 strike price. Maximum Put OI of 37.4 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.79% to 30,573.80, extending gains for the third session. The index advanced 3.97% in three trading sessions.

Persistent Systems (up 2.03%), Larsen & Toubro Infotech (up 1.44%), Wipro (up 1.34%), Mphasis (up 1.03%), Tech Mahindra (up 0.98%), Coforge (up 0.79%), Infosys (up 0.76%), Tata Consultancy Services (up 0.69%), L&T Technology Services (up 0.28%) and HCL Technologies (up 0.21%) advanced.

Stocks in Spotlight:

Hero MotoCorp gained 2.15% after the two-wheelers maker intimated the bourses that it will increase the ex-showroom prices of its motorcycles and scooters, effective from 1 December 2022. The company said that the price increase will be up to Rs 1500 and the exact quantum of increase will vary by specific models and markets.

Larsen & Toubro rose 0.11%. The EPC company announced that the hydrocarbon division of L&T Energy business has been awarded significant contracts. The company said that the business has received India's first contract for decommissioning of offshore facilities from British Gas Exploration and Production India (BGEPL, part of Shell Plc Group of companies).

Zydus Lifesciences declined 0.47%. The drug maker said it has received tentative approval from the US drug regulator to market Levothyroxine Sodium injection, 100 mcg/vial, 200 mcg/vial, and 500 mcg/vial. Levothyroxine Sodium injection, manufactured by Fresenius Kabi USA, LLC, is indicated for the treatment of myxedema coma.

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