The domestic equity barometers marched higher and hit the day's high in morning trade. The Nifty regained the key 18,000 level. IT stocks witnessed bargain hunting after falling in the past three trading sessions.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 790.23 points or 1.32% to 60,690.60. The Nifty 50 index added 238.55 points or 1.34% to 18,098.
In the broader market, the S&P BSE Mid-Cap index gained 1.01% while the S&P BSE Small-Cap index rose 0.92%.
The market breadth was strong. On the BSE, 2,437 shares rose and 882 shares fell. A total of 156 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,902.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,083.17 crore in the Indian equity market on 6 January, provisional data showed.
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The Nifty IT index rallied 2.54% to 28,665.65. The index witnessed bargain hunting after declining 3.47% in the past three trading sessions.
Tech Mahindra (up 3.13%), Coforge (up 2.94%), LTI Mindtree (up 2.92%), Persistent Systems (up 2.89%), Tata Consultancy Services (up 2.79%), HCL Technologies (up 2.42%), Wipro (up 2.26%), Mphasis (up 2.14%), L&T Technology Services (up 2.03%) and Infosys (up 1.94%) rallied.
Stocks in Spotlight:
Kalyan Jewellers India rallied 4.15% after the company said Q3 December 2022 quarter witnessed positive momentum in footfalls and revenue across all the markets majorly driven by strong festive demand. The company recorded consolidated revenue growth of approximately 13% in Q3 FY2023 as against the same period in the previous financial year, and approximately 35% for YTD (nine months) FY2023 compared with the same period in the previous financial year.
Lupin rose 1.51% after the global pharma major announced that it received approval from the US drug regulator for its Abbreviated New Drug Application (ANDA), Fesoterodine Fumarate extended-release tablets, 4 mg and 8 mg. The drug is a generic equivalent of Toviaz extended-release tablets, 4 mg and 8 mg, of Pfizer Inc. This medication is used to treat certain bladder problems (overactive bladder, neurogenic detrusor overactivity).
Asian Paints added 0.86%. The paint major said that its board approved setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum at an approximate investment of Rs 2,000 crore.
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