Shares off day's high; IT stocks in demand

The domestic equity barometers came off the day's high in mid-morning trade. The Nifty continued to trade below the 17,250 mark. IT stocks were in demand.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 98.02 points or 0.17% to 57,904.51. The Nifty 50 index added 18.90 points or 0.11% to 17,232.50.

In the broader market, the S&P BSE Mid-Cap index shed 0.23% while the S&P BSE Small-Cap index gained 0.35%.

The market breadth was strong. On the BSE, 1884 shares rose and 1328 shares fell. A total of 109 shares were unchanged.

Buzzing Segment:

The Nifty IT index rose 1.04% to 38,673.20. The index had declined 0.22% to end at 38,274.65 yesterday.

Coforge (up 2.12%), L&T Technology Services (up 1.60%), Wipro (up 1.59%), HCL Tech (up 1.50%), Tech Mahindra (up 1.49%), MindTree (up 0.99%), TCS (up 0.90%), Mphasis (up 0.84%), Infosys (up 0.66%) and Larsen & Toubro Infotech (up 0.40%) advanced.

Stocks in Spotlight:

Kalpataru Power Transmission jumped 6.25% to Rs 379 after the EPC company received new orders of Rs 1,560 crore across various businesses.

Granules India fell 1.31% to Rs 336.20. The company announced that US FDA has approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc. (GPI), a wholly owned foreign subsidiary, for Amphetamine mixed salts, immediate-release tablets. Amphetamine mixed salts is a pharmaceutical drug used in the treatment of attention deficit hyperactivity disorder and narcolepsy.

Firstsource Solutions shed 0.99% to Rs 180.60. The company said that it has entered into an agreement to acquire American Recovery Services, Inc., a nationwide legal collections network. Firstsource said the acquisition enhances its leadership in consumer debt management services by adding legal stage collections capabilities.

Global Markets:

Most Asian stocks declined on Thursday, tracking overnight gains on Wall Street.

In the US, the Dow and S&P 500 closed at all-time highs on Wednesday on a boost from retailers including Walgreens and Nike, as investors shrugged off concerns on the spreading omicron variant.

Data on Wednesday showed the US trade deficit in goods mushroomed to the widest ever in November as imports of consumer goods shot to a record, as the coronavirus pandemic has limited spending by Americans on services.

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