Nifty hovers near 9,300; IT stocks surge

Equity benchmarks were trading near day's high in mid-morning trade. The Nifty traded a tad below 9300 mark. Positive global sentiment boosted investors sentiment. At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 331.46 points or 1.06% at 31,711.01. The Nifty 50 index was up 105.4 points or 1.15% at 9,292.70.

The broader market surged. The S&P BSE Mid-Cap index and the S&P BSE Small-Cap index were up 1.95%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1447 shares rose and 572 shares fell. A total of 130 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.

Global Markets:

Asian markets are trading higher following an overnight rebound in oil prices that recouped some recent losses.

In economic data, the coronavirus pandemic pushed South Korea's economy into its biggest contraction since 2008 in the first quarter. Gross domestic product decreased by a seasonally adjusted 1.4% in the first quarter from three months earlier, the central bank said on Thursday, reversing 1.3% growth in the fourth quarter.

In US, Wall Street surged on Wednesday as oil prices recovered from recent lows. Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.

Buzzing Index:

The Nifty IT index jumped 1.86% to 12,804.95, extending its winning run to second trading session. The index has risen 3.19% in the past two trading sessions.

NIIT Technologies (up 8.17%), Hexaware Technologies (up 3.55%), TCS (up 3%), Mindtree (up 2.8%), Just Dial (up 2.4%), HCL Technologies (up 2.04%), Infosys (up 1.13%) and Wipro (up 0.84%) were top gainers in IT segment.

In the foreign exchange market, the partially convertible rupee was hovering at 76.12, compared with its close of 76.68 during the previous trading session.

Stocks in Spotlight:

HDFC Life Insurance Company rose 1.04% to Rs 509 after the company scheduled a board meeting on Monday, 27 April 2020 to consider raising of funds by way of issuance of non-convertible debentures.

Steel Authority of India (SAIL) was up 2.85%. SAIL provided business update for FY20. The company produced 16.15 million tonnes (MT) of crude steel during FY20 and it was the highest among all other steel producers in the country. During the FY20, SAIL has also achieved the best ever annual sales of 14.5 MT with a growth of 2.8% over the corresponding period last year (FY 2018-19). The company's strategies to expand its market portfolio also yielded the highest ever exports of 1.18 million tonnes during FY20 which is a 54% growth over corresponding period last year (CPLY).

Britannia Industries surged 5.95% to Rs 3127.90, extending gains for fourth day. Shares of the FMCG company have risen 10.44% in four sessions from its recent closing low of Rs 2832.15 on 17 April 2020. The board of Britannia Industries is scheduled to meet on 23 April 2020 to consider and approve interim dividend.

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