Nifty climbs above 24,750; IT shares rally for 5th day

The key equity barometers continued to extend gains and hit fresh day's high in the mid-afternoon trade. The Nifty scaled above the 24,750 level after hitting the days low of 24,180.80 in mid-morning trade. IT shares extended gains for the fifth consecutive trading session.

At 14:29 IST, the barometer index, the S&P BSE Sensex, advanced 370.21 points or 0.45% to 81,665.40. The Nifty 50 index gained 783.55 points or 0.96% to 24,762.45.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.29% and the S&P BSE Small-Cap index lost 0.41%.

The market breadth was negative. On the BSE, 1,699 shares rose and 2,271 shares fell. A total of 105 shares were unchanged.

Buzzing Index:

The Nifty IT index added 0.67% to 46,006.45. The index rallied 2.89% in the past five trading sessions.

HCL Technologies (up 1.82%), Coforge (up 1.26%), LTIMindtree (up 0.96%), Tech Mahindra (up 0.72%), Infosys (up 0.64%), Tata Consultancy Services (up 0.47%), Persistent Systems (up 0.44%), Wipro (up 0.4%) advanced.

L&T Technology Services (down 0.6%) and Mphasis (down 0.08%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 1.68% to 6.849 as compared with the previous close of 6.845.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 84.8100, compared with its close of 84.8875 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement fell 0.47% to Rs 77,601.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.16% to 107.13.

The United States 10-year bond yield shed 0.07% to 4.323.

In the commodities market, Brent crude for the November 2024 settlement added 17 cents or 0.23% to $73.58 a barrel.

Stocks in Spotlight:

AVG Logistics declined 1.27%. The company announced that it has successfully secured an order worth Rs 90 crore from a cement manufacturing company, marking a significant milestone in the companys expansion strategy.

Kalpataru Projects International added 0.57%. The company announced that its board has approved the opening of the issue of qualified institutional placement (QIP) of equity shares with a floor price of Rs 1,214.98 per equity share.

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