Nifty holds above 19,600 level; IT shares edge higher

The domestic equity barometers traded with strong gains in mid-morning trade. The Nifty managed to hold above the 19,600 mark. IT shares recorded across the board buying.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 562.07 points or 0.87% to 65,505.31. The Nifty 50 index added 175.65 points or 0.9% to 19,619.20.

In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index advanced 1.11%.

The market breadth was strong. On the BSE, 2320 shares rose and 1228 shares fell. A total of 180 shares were unchanged.

New Listing:

Shares of ASK Automotive were currently trading at Rs 312.20 on the BSE, representing a premium of 10.71% as compared with the issue price of Rs 282. The scrip was listed at Rs 304.90, exhibiting a premium of 8.12% to the issue price.

So far, the stock has hit a high of 314.25 and a low of 304.15. On the BSE, over 10.68 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of ASK Automotive was subscribed 51.14 times. The issue opened for bidding on 7 October 2023 and it closed on 9 November 2023. The price band of the IPO was fixed at Rs 268-282 per share.

Buzzing Index:

The Nifty IT index advanced 1.92% to 31,223.40. The index had declined 0.73% to end at 30,635.85 on Monday.

Mphasis (up 4.77%), Tech Mahindra (up 3.62%), Coforge (up 3.51%), LTIMindtree (up 2.12%) and L&T Technology Services (up 1.91%) were the top gainers.

Among the other gainers were Infosys (up 1.86%), Wipro (up 1.77%), Tata Consultancy Services (up 1.45%), HCL Technologies (up 1.13%) and Persistent Systems (up 0.29%).

Global Markets:

Asian stocks are trading with strong gains on Wednesday, taking cues from Wall Street after a soft U.S. inflation reading boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.

Japan�s economy shrank in the July-September period for the first time in four quarters, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, while also recording a 0.5% decline from the previous quarter.

On the geopolitical front, U.S. President Joe Biden and China�s President Xi Jinping are expected to meet in person in San Francisco for the first time in about a year.

US stocks rallied Tuesday, building on their strong November gains, as Wall Street cheered the soft U.S. inflation report. The consumer price index was flat in October from the previous month but increased 3.2% from a year ago. The headline CPI had increased 0.4% in September.

Late Tuesday, the House of Representatives passed a bill to avert a government shutdown. The measure will go to the Senate for a vote. If cleared by lawmakers, the legislation goes to President Joe Biden.

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