The market trimmed its early gains with the Sensex rising 61.30 points to 27518.88. The Nifty managed to hold 8350, up 13.85 points at 8356.
BSE IT index has surged almost 2% followed by counters like Metal, TECk and Capital Goods, all gaining by 1% each. However, defensive counters like FMCG and Healthcare are trading lower by nearly 1% each.
Shares of information technology (IT) companies are trading higher by up to 3% on the National Stock Exchange (NSE) in early morning trade after Accenture Plc raised its full-year revenue growth forecast.
Tata Consultancy Services (TCS), Infosys, Hexaware Technologies, Wipro and Tech Mahindra were trading higher between 1% and 3% on the NSE.
Further, offshore Infosys employees would get an average pay rise of around 6.5% this year, while high performers could get as much as 9%, according to sources.
Other notable gainers are Hindalco, Sesa Sterlite, L&T, Tata Motors and ONGC. Oil and Natural Gas Corporation (ONGC) hit 52-week yesterday.
Tata Motors, India’s biggest automobile maker, has secured its board of directors’ approval for a Rs 7,500-crore rights issue, to fund ongoing and future activities.
On the losing side, Dr Reddy’s Labs, Hero Moto, Bharti Airtel, ITC and Sun Pharma are down 1-2%.
Bajaj Auto has slipped by over 1%. The company has launched the Pulsar RS 200 bike, priced at Rs 1,18,500 and Rs 1,30,268 for the non ABS and ABS versions respectively, ex-showroom Maharashtra.
Mahindra & Mahindra has expressed an interest in buying car designer Pininfarina but no deal has been reached yet, the Italian company confirmed on Thursday. The stock is down over 1%.
Telecom shares are in focus following the end of the spectrum auction. Idea Cellular won back crucial 900MHz spectrum across 9 service areas which contribute 73% to the revenue.
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