The key equity indices extended gains and hit the day's high in mid-afternoon trade. The Nifty was trading above the 17,500 mark. IT shares witnessed some bargain buying after three day of losses.

At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 354.43 points or 0.61% to 58,845.36. The Nifty 50 index added 112.15 points or 0.64% to 17,509.05.

The broader market traded sideways as the S&P BSE Mid-Cap index rose 0.42% while the S&P BSE Small-Cap index declined 0.15%.

In the broader market, Himadri Speciality Chemical (up 8.78%), Gujarat Narmada Valley Fertilizers and Chemicals (up 7.47%), Prestige Estates Projects (up 5.99%), PVR (up 5.83%) and IDBI Bank (up 5.69%) were the top gainers.

APL Apollo Tubes (down 4.97%), CESC (down 4.29%), Radico Khaitan (down 4.27%), Computer Age Management Services (down 3.86%) and UTI Asset Management Company (down 3.83%) were the top losers.

The market breadth was weak. On the BSE, 1376 shares rose and 1795 shares fell. A total of 171 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 73.6050 from its previous closing of 73.7450.

MCX Gold futures for 5 October 2021 settlement lost 0.19% to Rs 46,190.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% at 93.19.

In the commodities market, Brent crude for November 2021 settlement rose $1.17 or 1.58% to $75.09 a barrel.

The yield on 10-year benchmark federal paper fell to 6.130% from its previous close of 6.138%.

Primary Market:

Paras Defence and Space Technologies IPO opened for subscription from Tuesday (21 September) and it will close on Thursday (23 September).

The offer comprises of a fresh issue of up to Rs 140.60 crore and an offer for sale of up to 17,24,490 equity shares (including anchor portion of 29,27,485 equity shares) in the price band of Rs 165 to Rs 175 per share.

As on 14:18 IST, the IPO received bids for 7.58 crore shares as against 71.40 lakh shares on offer. The issue was subscribed 10.63 times so far.

The company intends to utilize the net proceeds from the fresh issue towards purchase of machinery and equipment amounting Rs 34.657 crore, funding incremental working capital requirements amounting Rs 60 crore, repayment or prepayment of all or certain borrowings amounting Rs 12 crore and for general corporate purposes. As of 31 July 2021, its aggregate outstanding indebtedness was Rs 115.827 crore.

Paras Defence and Space Technologies is primarily engaged in designing, developing, manufacturing and testing of a wide range of defence and space engineering products and solutions.

Buzzing Index:

The Nifty IT index rose 1.58% to 35,958.75. The index declined by 1.87% in the past three sessions.

MindTree (up 4.26%), Coforge (up 3.16%), Larsen & Toubro Infotech (up 2.46%), Mphasis (up 1.95%), Infosys (up 1.84%), Tech Mahindra (up 1.71%), TCS (up 0.85%) and Wipro (up 0.40%) advanced.

HCL Tech rose 1.79% to Rs 1,299. The company announced a five-year, digital transformation deal with MKS Instruments Inc., a global provider of instruments, systems, subsystems, and solutions for advanced manufacturing processes, to improve performance, productivity, and speed to market.

Separately, the IT firm said that it has entered a multi-year application services transformation partnership with Lendico, a brand of ING Germany, to deliver application and engineering services to help it create a digital platform that makes business banking faster and more convenient for small- and medium-sized enterprises (SMEs).

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