Nifty surpasses 25,000 level; IT shares rally for 2nd day

The key equity benchmarks continued to trade with significant gains in morning trade, supported by optimism over easing diplomatic tensions between India and U.S. The Nifty surged above the 25,000 level.

IT shares witnessed buying demand for second consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex gained 509.21 points or 0.63% to 81,635.89. The Nifty 50 index rose 160.85 points or 0.65% to 25,029.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.78% and the S&P BSE Small-Cap index jumped 0.95%.

The market breadth was strong. On the BSE, 2,595 shares rose and 1,133 shares fell. A total of 192 shares were unchanged.

India-US Trade Deal

US President Trump indicated progress in India-US trade negotiations, a move that could lift sentiment in Indian equities. He expressed confidence in concluding discussions with Prime Minister Narendra Modi, who underscored the strategic importance of the India-US partnership.

Buzzing Index:

The Nifty IT index jumped 2.28% to 36,058.95. The index jumped 5.1% for the two trading sessions.

Oracle Financial Services Software (up 8.15%), Persistent Systems (up 4.66%), Mphasis (up 4.6%), Coforge (up 3.53%), LTIMindtree (up 3.47%), Wipro (up 2.7%), HCL Technologies (up 2.43%), Tech Mahindra (up 2.24%), Tata Consultancy Services (up 1.89%) and Infosys (up 1.51%) surged.

Stocks in Spotlight:

Cupid added 1.30% after has entered into a term sheet to acquire a strategic stake in Mansam, a Saudi Arabian luxury fragrance brand promoted by key notes trading LLC, through a fund structure managed by GII Investment Management.

Bajaj Auto shed 0.23%. The company announced that it will fully pass on the recent GST reduction to buyers, offering price cuts of Rs 20,000 on its two-wheelers and KTM motorcycles and up to Rs 24,000 on its three-wheeler range.

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