Nifty trades above 23,100 level; IT shares extend rally for 4th day

The key equity benchmarks pared their brief losses and moved higher to trade with moderate gains in morning trade, supported by buying interest in IT shares following strong second-quarter results from Tech Mahindra and other major IT companies. Investors remained focused on September-quarter earnings, with the Nifty trading above the 23,100 mark.

Market participants will track global developments, foreign institutional investor (FII) flows and further corporate earnings announcements for cues on market direction.

IT shares witnessed buying demand for the four consecutive trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 442.34 points or 0.60% to 74,754.15. The Nifty 50 index jumped 140.20 points or 0.61% to 23,141.10.

In the broader market, the BSE 150 Midcap Index rose 0.03% and the BSE 250 Smallcap Index jumped 0.13%.

The market breadth was positive. On the BSE, 2,148 shares rose and 1,552 shares fell. A total of 272 shares were unchanged.

Earnings Today:

Punjab National Bank (down 0.39%), LTM(up 1.51%), Bajaj Housing Finance(up 0.39%), Crompton Greaves Consumer Electricals(up 0.79%), DLF(up 0.81%), Federal Bank(down 0.75%), Jindal Saw(up 0.13%), Oberoi Realty(down 0.14%), Shoppers Stop(down 3.34%), Tejas Networks(up 0.17%), Ujjivan Small Finance Bank(down 0.82%), and Urban Company (up 1.94%) will declare their results later today.

Buzzing Index:

The Nifty IT index jumped 2.86% to 31,598.15. The index surged 11.46% in the four consecutive trading sessions.

Tech Mahindra (up 6.85%), Wipro (up 4.33%), Infosys (up 3.91%), Tata Consultancy Services (up 3.39%), Oracle Financial Services Software (up 1.98%), LTM (up 1.91%), Mphasis (up 1.24%), HCL Technologies (up 1.12%), Coforge (up 0.06%) surged.

Tech Mahindra advanced 7.03% after the company reported a 32.7% rise in consolidated net profit to Rs 1,585.6 crore in Q2 FY27 as compared with Rs 1,194.5 crore in Q2 FY26. Revenue from operations increased 15.6% to Rs 16,180.2 crore in Q2 FY27 as compared with Rs 13,994.9 crore in Q2 FY26.

Stocks in Spotlight:

PC Jeweller surged 9.34% after investor Aditya Kumar Halwasiya acquired 5.1 crore shares in the jewellery retailer through a bulk deal on the NSE.

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