Nifty above 22,400 level; IT stocks slide

The headline equity indices traded with significant gains in the mid-afternoon trade. The Nifty traded above the 22,400 level. IT shares declined after advancing in the previous trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, gained 126.81 points or 0.17% to 73,932.96. The Nifty 50 index added 82.90 points or 0.19% to 22,421.95.

The benchmark Nifty50 hit a record high of 22,440.90 in the mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.31% and the S&P BSE Small-Cap index fell 0.62%.

The market breadth was weak. On the BSE, 1,405 shares rose and 2,491 shares fell. A total of 148 shares were unchanged.

Economy:

Indias forex reserves jumped $2.975 billion to $619.072 billion for the week ended February 23, according to the latest RBI data. In the previous reporting week, the overall reserves had dropped $1.132 billion to $616.097 billion.

For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by $2.405 billion to $548.188 billion.

Gold reserves increased by $472 million to $47.848 billion during the week, the RBI said.

Indias reserve position with the IMF was up by $9 million to $4.839 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty IT index shed 0.68% to 37,351.10. The index rose 0.24% in the past trading session.

Mphasis (down 2.37%), Persistent Systems (down 1.38%), LTIMindtree (down 1.27%), Coforge (down 1.23%), Infosys (down 1.1%), L&T Technology Services (down 1.1%), Wipro (down 0.58%), Tata Consultancy Services (down 0.48%), HCL Technologies (down 0.06%) edged lower.

On the other hand, Tech Mahindra (up 0.61%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.06% to 7.056 as compared with the previous close of 7.060.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9050, compared with its close of 82.9100 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.03% to Rs 63,581.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 103.88.

The United States 10-year bond yield gained 0.82% to 4.213.

In the commodities market, Brent crude for April 2024 settlement added 33 cents or 0.39% to $83.88 a barrel.

Stocks in spotlight:

Ami Organics jumped 5.92% after the company informed that it has received two process patents from The Patent Office, Government of India for the term of 20 years.

JTL Industries declined 1.72%. The company has repaid the outstanding term debt of approximately Rs 36 crore and has become a term and net debt-free company.

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