Nifty scales above 26,050; IT shares advance

The frontline indices traded with modest gains in morning trade. The Nifty traded above the 26,050 mark and hit record high of 26,067. IT shares gained after declining in the past trading session. The market could be volatile due to monthly F&O series expiry today.

At 10:30 IST, the barometer index, the S&P BSE Sensex rose 236.62 points or 0.28% to 85,400.13. The Nifty 50 index added 62.85 points or 0.24% to 26,067.

The Sensex and Nifty clocked an all-time high of 85,433.31 and 26,067, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.50% and the S&P BSE Small-Cap index shed 0.34%.

The market breadth was positive. On the BSE, 1,545 shares rose and 2,063 shares fell. A total of 163 shares were unchanged.

Buzzing Index:

The Nifty IT index gained 0.67% to 42,243. The index shed 0.67% in the past trading session.

Persistent Systems (up 0.95%), HCL Technologies (up 0.78%), LTIMindtree (up 0.73%), Wipro (up 0.6%), Infosys (up 0.59%), Mphasis (up 0.56%) and Tata Consultancy Services (up 0.46%) advanced.

On the other hand, Coforge (down 0.91%), L&T Technology Services (down 0.1%) and Tech Mahindra (down 0.09%) edged lower.

Stocks in Spotlight:

Uno Minda shed 0.63%. The company said that its arm has entered into agreement with Korea-based Hyundai Mobis to manufacture licensed products like speakers.

Cipla added 0.02%. The companys UK-based arm has signed a pact to acquire a 6.9% stake held by Jiangsu Xidi Pharma in a China-based unit post-acquisition Jiangsu to become a wholly owned step-down subsidiary of the company.

JBM Auto fell 0.50%. The firm said that it has incorporated unit JBM Electric Vehicles in Singapore to carry on the business in the automotive sector for electric vehicles internationally.

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