Nifty above 24,800 level; IT shares in demand

The domestic equity barometers traded with strong gains in early afternoon trade, supported by buying interest amid positive global sentiment, expectations of a rate cut in the upcoming RBI policy meeting later this week, and continued foreign fund inflows. While investors await the policy outcome, they are also closely monitoring bond markets, Brent crude trends, and global trade developments. The Nifty climbed above the 24,800 level after hitting the day's low of 24,613.10 in the early trade. The market is volatile due to the weekly expiry of the Nifty F&O series today.

IT stocks extend gains for second consecutive session

At 12:30 IST, the barometer index, the S&P BSE Sensex, advanced 649.59 points or 0.80% to 81,639.62. The Nifty 50 index jumped 198.20 points or 0.81% to 24,816.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.65% and the S&P BSE Small-Cap index added 0.79%.

The market breadth was strong. On the BSE, 2,456 shares rose and 1,333 shares fell. A total of 187 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.42% to 15.36. The Nifty 26 Jun 2025 futures were trading at 24,927, at a premium of 110.6 points as compared with the spot at 24,611.95.

The Nifty option chain for the 26 June 2025 expiry showed a maximum call OI of 54.3 lakh contracts at the 26,000 strike price. Maximum put OI of 55.8 lakh contracts was seen at a 24,000 strike price.

Buzzing Index:

The Nifty IT index rose 1.12% to 37,350.45. The index added 1.45% in the past two trading sessions.

Coforge (up 3.65%), Persistent Systems (up 2.38%), Oracle Financial Services Software (up 2.15%), Mphasis (up 1.51%), HCL Technologies (up 1.29%), Wipro (up 0.66%), Infosys (up 0.55%), Tata Consultancy Services (up 0.48%), LTIMindtree (up 0.46%) and Tech Mahindra (up 0.45%) advanced.

Stocks in Spotlight:

Angel One added 3.36% after the firm announced that its client base jumped 34.1% to 31.95 million in May 2025, compared with 23.83 million in May 2024.

Power Grid Corporation of India added 2.18% after the company said that it has acquired MEL Power Transmission (MPTL), a special-purpose vehicle, for an aggregate value of Rs 8.53 crore.

Garden Reach Shipbuilders & Engineers added 3.87% after the company announced the signing of memorandum of intent (MoI) and memorandum of understandings (MoUs) with various entities in Norway.

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