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Benchmarks trade higher; IT stocks firm

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The Sensex and the Nifty traded with decent gains in mid-afternoon trade. The Nifty traded tad below the 11,950-mark. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 157.23 points or 0.39% at 40,322.26. The Nifty 50 index was up 49.65 points or 0.42% at 11,940.25.

The S&P BSE Mid-Cap index was up 0.22%. The S&P BSE Small-Cap index was up 0.44%.

The market breadth remained positive. On the BSE, 1404 shares rose and 1090 shares fell. A total of 162 shares were unchanged. In Nifty 50 index, 29 stocks advanced and 21 stocks declined.

Buzzing index:

The Nifty IT index was up after taking a day's pause in the previous session. The Nifty IT index was up 0.68% at 15,576.65.

Zensar Technologies (up 4.8%), NIIT Technology (up 2.35%), HCL Technologies (up 0.8%) and Hexaware Technologies (up 0.61%) edged higher.

Infosys jumped 3.27% to Rs 710.5 after the company clarified that there is no supporting evidence of alleged certain wrongdoings by the company. Last month an anonymous whistleblowers accused the chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilanjan Roy of "unethical practices". The National Stock Exchange (NSE) sought clarification from the company on 22 October 2019 with reference to whistleblower complaints.

Persistent Systems was up 0.28% ahead of its Q2 September 2019 earnings today.

Stocks in spotlight:

Auto ancillary firm, WABCO India declined 1.09% after the company announced a dismal Q2 September 2019 result during market hours today. Net profit dropped 64.5% to Rs 3385.71 crore on a 40.85% drop in revenue from operations in Q2 September 2019 as compared to Q2 September 2018.

Trident jumped 5.23% after the company announced a stellar Q2 2019 result on Saturday. On consolidated basis, company net profit rose 26.8% to Rs 139.81 crore on a 4.3% decline in net sales to Rs 1340.72 crore in Q2 September 2019 as against Q2 September 2018. The company's EBITDA declined 4% on YoY basis to Rs 259 crore in Q2 September 2019.

V-Mart Retail fell 5.46% after the company's Q2 2019 losses widened. The company reported a net loss of Rs 18.04 crore in Q2 September 2019 higher than net loss of Rs 1.57 crore in Q2 September 2018. The company announced its Q2 2019 result after market hours on Friday, 1 November 2019.

Numbers to watch:

The yield on 10-year benchmark federal paper rose to 6.565% at 14:18 IST compared with 6.445% in the previous trading session.

In the foreign exchange market, the Indian rupee edged higher against the dollar in mid-afternoon trade. In the spot currency market, the Indian unit was last seen trading at 70.705. On Friday, it closed at 70.81 against the US dollar.

In the commodities market, Brent crude for January 2020 settlement was down 20 cents at $61.49 a barrel. The contract rose 3.47% to settle at $ 61.69 a barrel during the previous trading session.

MCX Gold futures for 5 December 2019 settlement edged 0.22% higher to Rs 38,395.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 04 2019. 14:30 IST