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The key equity indices continued to trade with decent gains in mid-morning trade. The Nifty traded above the 18,600 level. IT shares witnessed bargain buying after sliding for two consecutive trading sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 111.70 points or 0.18% to 62,737.33. The Nifty 50 index rose 41.10 points or 0.22% to 18,604.50.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.36% while the S&P BSE Small-Cap index gained 0.62%.
The market breadth was strong. On the BSE, 2,189 shares rose and 1,322 shares fell. A total of 160 shares were unchanged.
Buzzing Index:
The Nifty IT index rose 1.48% to 28,773.75. The index fell 1.94% in past two trading sessions.
Coforge (up 2.9%), HCL Technologies (up 2.29%), Infosys (up 1.8%), LTIMindtree (up 1.48%), Mphasis (up 1.45%), L&T Technology Services (up 1.43%), Persistent Systems (up 1.25%), Tech Mahindra (up 1.11%), Tata Consultancy Services (up 0.84%) and Wipro (up 0.2%).
Stocks in Spotlight:
SEPC jumped 4.92% after the company announced the completion of the Integrated Al Qibla Project in Basra, Iraq, for $236 million. The scope of work involved engineering, supply, installation of primary sanitary sewer system, storm sewer system, trunk sewer system with connected pumping station and road works.
Power Finance Corporation (PFC) rose 1.43% after the company's wholly owned subsidiary, PFC Consulting (PCCL) incorporated two special purpose vehicles (SPVs) for development of independent transmission projects (IPP).
Lloyds Steels Industries advanced 1.58% after the company said that its board will meet on 14 June 2023 to consider the proposal for raising of funds.
Maharashtra Seamless rose 2.25% after the company announced that it has made voluntary prepayment of outstanding long term loan of approximately Rs 234 crore ($28.38 million).
Global Markets:
Asian stocks traded mixed as investors return from a strong week and look forward to major central bank meetings scheduled ahead. Australia's markets are closed for a holiday.
The U.S. Federal Open Market Committee (FOMC) takes place on June 13-14, the European Central Bank meets on Thursday, and the Bank of Japan's meeting will conclude on Friday.
US indices ended marginally higher on Friday as a Tesla rally failed to galvanize the broader market on the eve of the Federal Reserve's policy meeting and inflation data next week.
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