Market near day's high; Sensex up 71 pts; IT stocks advance

The domestic equity benchmarks traded near the day's high with decent gains in mid-morning trade. The Nifty hovered above the 18,200 mark after hitting day's low of 18,149.80 in the early trade. IT stocks gained for the second day in a row.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 70.86 points or 0.12% to 61,238.65. The Nifty 50 index added 33.40 points or 0.18% to 18,230.85.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index gained 0.34%.

The market breadth was strong. On the BSE, 2,096 shares rose and 1,253 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 0.78% to 28,960.85. The index has added 1.18% in two trading sessions.

Coforge (up 1.38%), L&T Technology Services (up 1.19%), Mphasis (up 1.05%), Tech Mahindra (up 1.01%), Tata Consultancy Services (up 0.86%), Persistent Systems (up 0.82%), LTI Mindtree (up 0.47%), Wipro (up 0.39%), Infosys (up 0.26%) and HCL Technologies (up 0.05%) were the gainers.

Stocks in Spotlight:

HFCL advanced 1.46% after the company said that it has received purchase orders aggregating to Rs 95.38 crore from Reliance Projects & Property Management Services for supply of optical fiber cables.

Granules India rose 1.34% after the company entered into a strategic partnership with Greenko ZeroC to enable carbon free energy and green molecule solutions.

Mahindra & Mahindra Financial Services slipped 2.90%. The NBFC said that it has recorded a disbursement of approximately Rs 4,650 crore in December 2022, delivering a 67% year on year (YoY) growth.

Global markets:

Asian stocks were trading mixed to commence the first trading week for the year.

Singapore's economy saw full-year growth of 3.8% for 2022, according to data released by the Ministry of Trade and Industry on Tuesday. The economy grew 2.2% in the fourth quarter compared with a year ago, the slowest pace since mid-2021.

US stocks were shut on Monday on account of New Year holiday.

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