Nifty trades above 23,700 level; IT shares snap 6-day losses

The key equity benchmarks traded with significant gains in the early trade mirroring Asian markets. However, the sentiments remained cautious amid concerns over the ongoing US-Iran conflict in the Middle East, a sharp rise in crude oil prices, which continue to weigh on overall risk appetite. Nifty traded above the 23,700 level.

IT shares surged after declining for the six consecutive trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 432.77 points or 0.57% to 76,522.62. The Nifty 50 index rose 141.20 points or 0.57% to 23,715.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped1.22% and the BSE 250 SmallCap Index climbed 1.49%.

The market breadth was strong. On the BSE, 2680 shares rose and 534 shares fell. A total of 156 shares were unchanged.

Buzzing index:

The Nifty IT index rallied 3.70% to 29,825.35. the index declined 4.65% in the past six trading session.

Oracle Financial Services Software (up 4.51%), Coforge (up 4.4%), Persistent Systems (up 4.29%), Mphasis (up 3.47%), Infosys (up 3.26%), LTIMindtree (up 3.24%), HCL Technologies (up 3.06%), Tata Consultancy Services (up 3.04%), Tech Mahindra (up 2.7%) and Wipro (up 2.45%) surged.

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