Nifty trades above 26,200; IT shares rally for 2nd day

The headline equity benchmarks traded with substantial gains in mid-afternoon trade, supported by positive global cues after AI bellwether Nvidia reported upbeat earnings and FII inflows. However, investors will continue to monitor movements in crude oil prices and other global developments.

The Nifty traded above the 26,200 level. IT shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, advanced 471.71 points or 0.55% to 85,658.18. The Nifty 50 index gained 149.70 points or 0.57% to 26,202.01. The Nifty hit a 52-week high of 26,246.65, while the Sensex also reached a week high of 85,801.70 in mid-afternoon trade.

The broader market, the S&P BSE Mid-Cap index added 0.10% and the S&P BSE Small-Cap index rose 0.03%.

The market breadth was negative. On the BSE, 1,995 shares rose and 2,113 shares fell. A total of 196 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3% to 12.33.

Buzzing Index:

The Nifty IT index rose 0.35% to 37,172.60. The index jumped 3.32% in two consecutive trading sessions.

Tech Mahindra (up 1.57%), Mphasis (up 1.52%), Persistent Systems (up 1.20%), LTIMindtree (up 1.14%), Oracle Financial Services Software (up 1.06%), Tata Consultancy Services (up 0.23%), Coforge (up 0.11%) and Wipro (up 0.03%) advanced.

On the other hand, HCL Technologies (down 0.68%) and Infosys (down 0.28%), edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 0.15% to 6.542 as compared with previous close 6.523.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 88.6600 compared with its close of 88.4800 during the previous trading session.

MCX Gold futures for 5 December 2025 settlement shed 0.64% to Rs 1,22,267.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 100.14.

The United States 10-year bond yield added 0.01% to 4.135.

In the commodities market, Brent crude for January 2025 settlement gained 30 cents or 0.47% to $63.81 a barrel.

Stocks in Spotlight:

MAN Industries (India) jumped 4.29% after the company announced the signing of a memorandum of understanding (MoU) with Aramco Asia India (AAI), a subsidiary of Saudi Aramco.

Texmaco Rail & Engineering shed 0.19%. The company secured an order worth Rs 6.39 crore from Central Railway to modify the OHE system for the island platform extension at Kalyan Station.

Gujarat Industries Power Company (GIPCL) added 1.89% after the firm commissioned the fourth phase of its 600-MW solar power project at the 2,375-MW Renewable Energy Park in Khavda, Great Rann of Kutch.

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