Nifty trades above 24,150 mark; IT shares surge
Market participants remained focused on the upcoming speech by Kevin Warsh who is set to deliver his first major address as Federal Reserve chair at the annual Kansas City Fed economic symposium in Jackson Hole, Wyoming. The address is being closely watched for indications on the US central bank?s monetary policy outlook.
IT shares witnessed value buying after declining in the past two consecutive trading sessions.
At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 366.90 points or 0.48% to 77,295.52. The Nifty 50 index rose 77.60 points or 0.32% to 24,168.55.
In the broader market, the BSE 150 MidCap Index rose 0.39% and the BSE 250 SmallCap Index added 0.44%.
The market breadth was positive. On the BSE, 2,189 shares rose and 1,442 shares fell. A total of 265 shares were unchanged.
New Listings:
Shares of Tempsens Instruments were currently trading at Rs 607.65 at 10:12 IST on the BSE, representing a premium of 102.55% as compared with the issue price of Rs 300.
The stock debuted at Rs 631.20 on the BSE, a premium of 110.4% over its issue price.
So far, the stock has hit a high of Rs 635 and a low of Rs 600. On the BSE, over 17.46 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty IT index jumped 2.84% to 31,078.15. The index declined 1.79% in the past two trading sessions.
Mastek (up 9.2%), GNG Electronics (up 4.85%), Sagility (up 4.35%), ASM Technologies (up 3.94%) and 63 Moons Technologies (up 3.93%), Orient Technologies (up 3.89%), LTM (up 3.59%), HCL Technologies (up 3.41%), Rashi Peripherals (up 3.41%) and Tata Consultancy Services (up 3.31%) advanced.
Stocks in Spotlight:
Tejas Networks surged 11.68% after the company announced that it has received a letter of intent from Tata Consultancy Services (TCS) for the supply of RAN equipment, accessories and installation materials for BSNL?s 4G mobile network covering 18,685 sites. The order is valued at Rs 1,537 crore.
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