Nifty trades above 24,900 level; IT shares rally

The headline equity benchmarks traded with moderate gains in the morning trade, driven by strong performance in IT stocks. The upbeat sentiment was mirrored across Asian markets, which followed overnight gains on Wall Street after U.S. Federal Reserve Chair Jerome Powell signaled a potential interest rate cut next month.

The Nifty traded above the 24,900 level. IT shares advanced after declining in the past trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, rose 169.20 points or 0.20% to 81,476.06. The Nifty 50 index gained 49.90 points or 0.19% to 24,920.

In the broader market, the S&P BSE Mid-Cap index rose 0.45% and the S&P BSE Small-Cap index added 0.33%.

 

The market breadth was positive. On the BSE, 2,056 shares rose and 1,706 shares fell. A total of 247 shares were unchanged.

Buzzing Index:

The Nifty IT index surged 2.13% to 36,194.90. The index fell 0.79% in the past trading session.

Mphasis (up 3.22%), Wipro (up 2.78%), Oracle Financial Services Software (up 2.71%), Infosys (up 2.43%), Tata Consultancy Services (up 2.31%), Coforge (up 2.31%), HCL Technologies (up 1.97%), Persistent Systems (up 1.92%), Tech Mahindra (up 1.8%) and LTIMindtree (up 1.74%) advanced.

Stocks in Spotlight:

Titagarh Rail Systems rose 0.72%. The company said that it has received a letter of acceptance (LoA) for a Rs 91.12 crore order for the shell assembly for locomotives from the Banaras Locomotive Works.

GMR Power and Urban Infra added 0.51%. The companys board has approved a fundraising proposal upto Rs 3,000 crore via multiple instruments.

JNK India advanced 2.72% after the company announced that it has secured significant order from its promoter entity, JNK Global Co., Korea.

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