Nifty above 17,550 mark, IT stocks advance

The domestic equity barometers traded with decent gains in the mid-afternoon trade. The Nifty traded above the 17,550 mark. IT shares witnessed bargain buying after declining in past four trading sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 178.19 points or 0.30% to 58,952.91. The Nifty 50 index gained 66.10 points or 0.38% to 17,588.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.53% while the S&P BSE Small-Cap index rose 0.51%.

The market breadth was strong. On the BSE, 2,033 shares rose and 1,323 shares fell. A total of 164 shares were unchanged.

Investors focused on Federal Reserve Chair Jerome Powell's speech at the central bank's economic symposium at Jackson Hole, Wyoming, for clues about the bank's outlook for the economy and interest rates.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined to 7.228 as compared with 7.292 at close in the previous trading session.

In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.8550, compared with its close of 79.9250 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement shed 0.38% to Rs 51,507.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, added 0.07% to 108.55.

In the commodities market, Brent crude for October 2022 settlement rose 89 cents or 0.90% at $100.23 a barrel.

Buzzing Index:

The Nifty IT index rose 0.68% to 28,804.20. The index witnessed bargain hunting after declining 4.75% in the past four trading sessions.

Tech Mahindra (up 2.01%), Mindtree (up 1.44%), L&T Technology Services (up 1.34%), Larsen & Toubro Infotech (up 1.26%), Wipro (up 0.89%), Infosys (up 0.72%), Tata Consultancy Services (up 0.5%), HCL Technologies (up 0.34%) edged higher.

On the other hand, Mphasis (down 0.59%), Coforge (down 0.43%) declined.

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