Market extends gains; Nifty climbs above 24,700; IT shares in demand

The domestic equity benchmarks extended gains in morning trade. The Nifty scaled above the 24,700 level. IT stocks advanced for the seventh consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, jumped 423.45 points or 0.53% to 80,848.13. The Nifty 50 index added 139 points or 0.57% to 24,711.65.

In the broader market, the S&P BSE Mid-Cap index added 0.31% and the S&P BSE Small-Cap index gained 0.23%.

The market breadth was strong. On the BSE, 2,257 shares rose and 1,302 shares fell. A total of 172 shares were unchanged.

New Listing:

Shares of Saraswati Saree Depot was locked in upper circuit of 5% at Rs 209.95 at 10:17 IST on the BSE, representing a premium of 31.22% as compared with the issue price of Rs 160.

The scrip was listed at Rs 200, exhibiting a significant premium of 25% to the issue price.

So far, the stock has hit a low of 190. On the BSE, over 7.65 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index added 1.13% to 41,703.95. The index jumped 8.47% in seven straight sessions.

Coforge (up 2.05%), L&T Technology Services (up 2.01%), Persistent Systems (up 1.98%), Tata Consultancy Services (up 1.49%) and Mphasis (up 1.42%), Wipro (up 1.19%), LTIMindtree (up 1.15%), Infosys (up 1.01%), Tech Mahindra (up 0.55%) advanced.

Stocks in Spotlight:

Sequent Scientific jumped 5.69% after the firm received prequalification approval from the world health organization for albendazole, an active pharmaceutical ingredient.

Motilal Oswal Financial Services rose 0.98% after its board approved the proposal to raise Rs 200 crore through non convertible debentures on private placement.

Hi-Tech Pipes advanced 2.90% after the companys board approved raising Rs 600 crore via QIP or other means.

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