Nifty holds above 17,650 mark; IT shares in demand

The key equity barometers continued to trade near the flat line, amid bouts of volatility in morning trade. The Nifty continued to hold above the 17,650 mark. IT shares witnessed across the board buying.

At 10:22 IST, the barometer index, the S&P BSE Sensex, was up 21.96 points or 0.04% to 60,319.96. The Nifty 50 index added 7.10 points or 0.04% to 17,963.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.17% while the S&P BSE Small-Cap index gained 0.45%.

The market breadth was strong. On the NSE, 1901 shares rose and 1168 shares fell. A total of 143 shares were unchanged.

Meanwhile, investors continued to assess the Fed's Wednesday minutes, while data indicated that the U.S. economy remained relatively strong. Most traders peg a higher chance of the Fed adopting another 50 bps rate hike in September than a 75 bps one.

Buzzing Index:

The Nifty IT index rose 1.33% to 30,416.85. The index had declined 0.79% to end at 30,018.90 yesterday.

Coforge (up 3.06%), Tech Mahindra (up 2.15%), Mindtree (up 2.11%), Larsen & Toubro Infotech (up 1.6%) and Wipro (up 1.37%) were the top gainers.

Among the other gainers were HCL Technologies (up 1.31%), Infosys (up 1.07%), Tata Consultancy Services (up 0.99%), L&T Technology Services (up 0.89%) and Mphasis (up 0.61%).

Stocks in Spotlight:

NHPC gained 1.15%. The company has signed a Memorandum of Understanding (MoU) with Investment Board Nepal (IBN), Govt. of Nepal at Kathmandu, Nepal, for preparation of Detailed Project Report (DPR) and development of two hydropower projects namely West Seti (750 MW) and Seti River 6 project (450 MW) in Nepal.

CSB Bank advanced 0.75%. The bank announced that India Ratings & Research has reaffirmed its rating of 'IND A' with outlook 'stable', to the Rs 500 crore, basel III-compliant tier-II bonds issue programme of the bank.

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