Benchmarks trade with minor gains; IT shares decline

The headline equity benchmarks traded with small gains in mid-morning trade. The Nifty traded above the 23,850 mark. IT shares declined after advancing for the past consecutive trading sessions.

At 11:29 IST, the barometer index, the S&P BSE Sensex, declined 89.13 points or 0.11% to 78,788.20. The Nifty 50 index added 17.95 points or 0.08% to 23,831.35.

In the broader market, the S&P BSE Mid-Cap index added 0.19% and the S&P BSE Small-Cap index fell 0.13%.

The market breadth was negative. On the BSE, 1,725 shares rose and 2,162 shares fell. A total of 205 shares were unchanged.

Buzzing Index:

The Nifty IT index declined 0.38% to 43,554.25. The index added 0.13% in past consecutive trading sessions.

Wipro (down 1.28%), Infosys (down 1.2%), LTIMindtree (down 0.73%) and Tata Consultancy Services (down 0.22%) declined.

On the other hand, Coforge (up 0.8%), L&T Technology Services (up 0.71%) and Mphasis (up 0.45%) edged higher.

Stocks in Spotlight:

Tiger Logistics (India) jumped 6.65% after the company announced that it has been empanelled by Hindustan Petroleum Corporation (HPCL) for providing logistic services.

Mahindra EPC Irrigation rose 1.67% after the company announced that it has been awarded a contract worth Rs 3.40 crore for the supply of Micro Irrigation Systems to the Office of the Assistant Engineer.

Aether Industries added 1.90% after the firm said that the entire 15 MW solar power project (autotracker modules) under the captive power producer (CPP) segment, awarded to KPIG Energia (a wholly-owned subsidiary of KPI Green Energy).

Global Markets:

Asian stocks traded mixed on Monday as traders await Chinas manufacturing PMI on Tuesday, while markets will be closed on Wednesday for the New Years Day holiday.

South Korea's industrial output contracted 0.7% on a monthly basis in November as compared to Octobers reading of a 6.3% increase.

Japans factory activity contracted at a slower rate in December. The au Jibun Bank Japan Manufacturing Purchasing Managers Index climbed to 49.6 in December, coming in slightly above Novembers reading of 49.0 and marking the softest contraction in three months.

US stocks closed lower on Friday as investors booked profits across sectors, with technology stocks leading the selloff. This decline was attributed to a rise in Treasury yields, which increases borrowing costs for companies, potentially impacting spending on innovation and expansion and squeezing profit margins.

The Dow Jones Industrial Average declined 0.77%, the S&P 500 dropped 1.11%, and the Nasdaq Composite ended 1.49% lower. Apple Inc., which had reached a record high the previous day after an upgrade from Wedbush, fell 1.3%. Tesla Inc. stock declined 5%, while NVIDIA Corporation, a market darling, edged 2.2% lower. Alphabet Inc. also fell over 1%, contributing to a broader tech selloff.

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