Shares come off the day's high; IT stocks in demand

The domestic equity barometers came off the day's high in morning trade. The Nifty was trading above the 17,750 mark. IT stocks witnessed value buying after declining in the past two sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 302.25 points or 0.51% to 59,611.67. The Nifty 50 index added 92.95 points or 0.53% to 17,764.60.

The key equity indices witnessed bargain buying after declining by over 3% in the past three sessions. The recent selling was triggered by relentless selling by FIIs, rising inflation and slowdown in global growth momentum.

In the broader market, the S&P BSE Mid-Cap index gained 0.74% while the S&P BSE Small-Cap index rose 0.77%.

The market breadth was strong. On the BSE, 1653 shares rose and 623 shares fell. A total of 117 shares were unchanged.

Results Today:

HDFC (up 1.53%), Tata Motors (down 0.96%), IRCTC (down 2.58%), Indian Railway Finance Corporation (up 2.06%), Bayer Cropscience (up 1.19%), Allcargo Logistics (up 3.63%), Carborundum Universal (up 0.10%), Graphite India (up 1.03%), Nilkamal (up 1.67%), The Phoenix Mills (down 0.44%), Relaxo Footwears (up 0.53%), Rupa & Company (up 1.51%), Shipping Corporation of India (up 2.23%), Sequent Scientific (down 2.48%), Sun Pharma Advanced Research Company (up 1.41%), Star Cement, Venky's (India) (up 2.50%), VRL Logistics (up 2.55%) and Whirlpool Of India (down 0.06%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty IT index rose 1.61% to 34,963.45, amid some value buying. The index had declined by 3.1% in the past two sessions.

MindTree (up 4.24%), Coforge (up 4.21%), Mphasis (up 2.18%), HCL Tech (up 2.17%), L&T Technology Services (up 1.87%), Tech Mahindra (up 1.83%), Infosys (up 1.54%), TCS (up 1.03%), Wipro (up 0.98%) and Larsen & Toubro Infotech (up 0.97%) advanced.

Stocks in Spotlight:

Vedanta rose 0.91% to Rs 306.45. The company reported consolidated attributable net profit of Rs 4,615 crore in Q2 September 2021, steeply higher than Rs 824 crore in Q2 September 2020. On a consolidated basis, net sales rose 44% to Rs 30,048 crore in Q2 September 2021 over Q2 September 2020.

Revenue for Q2FY2022 was higher by 7% Q-o-Q, primarily supported by improved commodity prices, partially offset by lower sales volume at zinc and iron ore business. The YoY rise in the revenue was supported by improved commodity prices and higher volumes across businesses, partially offset by lower sales volume at Zinc India, copper and TSPL.

Net debt was at Rs 20,389 crore on 30 September 2021, reduction of Rs 7,232 crore Y-o-Y, primarily driven by strong cash flow from operations post capexand dividend pay-out.

GlaxoSmithKline Pharmaceuticals gained 3.39% to Rs 1554. The company reported a 76% rise in standalone net profit to Rs 202.65 crore on a 12.8% increase in net sales to Rs 991.53 crore in Q2 FY22 over Q2 FY21.

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