Sensex up 66 points; IT stocks steady ahead of key results

Last Updated: Thu, Jan 12, 2017 13:26 hrs
A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange building in Mumbai

Mumbai: Amid alternate bouts of buying and selling in front line stocks, the market holds on in positive territory in early afternoon trade today.

Earlier, after a smart upmove, the market pared some gains before edging higher, riding on some strong buying in IT stocks.

The Sensex is up 66 points or 0.24% at 27,206.41 at present. The Nifty50 of the National Stock Exchange is at 8396.30, up 15.85 points or 0.18% from its previous close.

Ahead of results, IT major Tata Consultancy Services is down marginally at Rs 2319.50, after having surged to Rs 2344 in early trades. Infosys, which rose to Rs 994.50, is currently up 2% at Rs 989. Infosys is scheduled to announce its quarterly results tomorrow.

Wipro is trading 1.5% up. Tech Mahindra is gaining 1.6%. HCL Technologies, KPIT Technologies, MindTree and Oracle Financial Services are up 0.7% - 1.3%.

Nucleus Software, Cyient, Geometric, Infinite Technologies, Hexaware Technologies, NIIT Technologies and 8K Miles are also trading higher.

Shares of power utility player NTPC (4.7%) are up sharply after  Rajasthan government announced that it has agreed to transfer its 1,000 megawatt (MW) Chhabra thermal power plant to NTPC Ltd., in an asset-for-equity deal.

Atlanta is up 4% after the company announced that it has been declared the lowest bidder for six laning road project in Gujarat by the National Highways Authority Of India. The cost of the order will be around Rs1292 crore.

Biocon is up with a sharp gain of 1.7% despite coming off the day's high. The stock rose sharply this morning after USFDA accepted its biologics license application for its drug to treat breast cancer.

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