The key equity indices pared all the early losses and traded with modest gains in morning trade. The Nifty traded above the 17,950 mark after hitting the day's low of 17,824.35 in the early trade. The Sensex regained the key 60,000 level. IT, metal and PSU bank stocks were in demand while FMCG, healthcare and pharma shares corrected.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 222.97 points or 0.37% to 60,338.45. The Nifty 50 index added 50.65 points or 0.28% to 17,964.80.
In the broader market, the S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index gained 0.59%.
The market breadth was positive. On the BSE, 2,090 shares rose and 1,054 shares fell. A total of 156 shares were unchanged.
Investors looked ahead to the U.S. consumer price index report due on Thursday for more clues on the rate-hike trajectory. Meanwhile, the World Bank slashed its growth forecasts for most countries and regions and warned that new adverse shocks could tip the global economy into a recession.
US Federal Reserve Chairman Jerome Powell on Tuesday emphasized the need for the central bank to be free of political influence while it tackles high inflation. Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.
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The Nifty IT index rose 1.37% to 28,893.65. The index declined 0.85% in the past trading session.
Coforge (up 1.88%), Mphasis (up 1.85%), L&T Technology Services (up 1.81%), Persistent Systems (up 1.41%), Tata Consultancy Services (up 1.37%), HCL Technologies (up 1.3%), LTI Mindtree (up 1.29%), Infosys (up 1.19%), Tech Mahindra (up 1.13%) and Wipro (up 0.57%) edged higher.
Stocks in Spotlight:
Bharti Airtel slipped 3.22% after a foreign broker downgraded the stock to underperform from overweight and slashed its target price to Rs 710 from Rs 860 earlier. The target price is at 7% discount to the ruling market price. According to the media reports, the foreign broker is of the view that delayed price recovery likely will impact telecom players. 5G rollouts drive CAPEX intensity, it said.
Adani Ports and Special Economic Zone rose 0.55%. The company said that the company's consortium with Israel's Gadot Chemical Tankers has completed the acquisition of HPC from the Government of Israel.
Aartech Solonics hit an upper circuit of 10% ahead of the board meeting today, 11 January 2023, to consider migration of the company's shares from BSE SME Platform to main board of BSE and National Stock Exchange of India (NSE).
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