Sensex breaches 71K, IT stocks in demand

The key equity barometers marched higher and hit a fresh life high in morning trade. The Nifty traded above the 21,300 level. IT stocks rallied for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 517.08 points or 0.73% to 71,031.28. The Nifty 50 index advanced 161.60 points or 0.76% to 21,344.30.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,355.65 and 71,084.08 respectively, in morning trade today.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index gained 0.76%.

The market breadth was strong. On the BSE, 2,254 shares rose and 1,201 shares fell. A total of 166 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 2.85% to 35,199.20. The index jumped 6.45% in two trading sessions.

Infosys (up 3.04%), Persistent Systems (up 2.55%), LTIMindtree (up 2.03%), Coforge (up 2%), HCL Technologies (up 1.95%), L&T Technology Services (up 1.88%), Tata Consultancy Services (up 1.75%), Wipro (up 1.39%), Tech Mahindra (up 1.37%) and Mphasis (up 0.77%) rallied.

Stocks in Spotlight:

Adani Ports and Special Economic Zone added 0.20%. The company has entered into a second strategic partnership with Terminal Investment (TiL) for the operation of Adani Ennore Container Terminal (AECTPL).

PVR INOX shed 0.11%. Plenty Private Group and Multiples Private Group are reportedly likely to sell a 2.33% stake in the multiplex chain. The offer price may be in the range of Rs 1,750�1,769.5 per share, and the offer size may be Rs 404.5 crore, as per reports.

Mahindra & Mahindra Financial Services rose 1.92%. The board of directors of the company has approved undertaking supplemental business activity of soliciting and procuring insurance business as a Corporate Agent (composite) in the areas of life, health and general insurance- both group and individual.

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