Nifty trades above 25,600 level; IT shares rally

The domestic equity benchmarks traded with major gains in the morning trade, supported by a recovery in technology stocks following the previous sessions sharp selloff that had dragged the indices lower. The Nifty traded above the 25,600 level. IT shares advanced after declining in the past five consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, surged 650.09 points or 0.79% to 82,876.01. The Nifty 50 index gained 213.55 points or 0.83% to 25,638.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index rallied 0.63% and the BSE 250 SmallCap Index jumped 0.65%.

The market breadth was strong. On the BSE, 2,307 shares rose and 1,253 shares fell. A total of 220 shares were unchanged.

Buzzing Index:

The Nifty IT index surged 2.87% to 30,916.35. The index tumbled 9.13% in the past five consecutive trading sessions.

Mphasis (up 3.67%), Infosys (up 2.83%), LTIMindtree (up 2.77%), HCL Technologies (up 2.70%), Tech Mahindra (up 2.36%), Tata Consultancy Services (up 2.26%), Persistent Systems (up 2.09%), Coforge (up 1.95%), Wipro (up 1.92%) and Oracle Financial Services Software (up 1.80%) advanced.

Stocks in Spotlight:

Lupin rose 0.51%. The company said that it has received approval from the U.S. Food and Drug Administration for its abbreviated new drug application (ANDA) for Brivaracetam oral solution 10 mg/mL.

Biocon added 0.22%. The company said that it has received approval from the United States Food and Drug Administration (U.S. FDA) for its complex formulation Liraglutide Injection.

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