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The Nifty IT index was trading 0.38 per cent down at 28206.55.

The stock traded at a P/E multiple of 116.14, while the price-to-book value ratio stood at 18.94.

"The Board of Directors have declared second interim dividend for 2022 of Rs 120 per equity share (Face value Rs 10 per equity share) amounting to Rs 1,157, which will be paid on and from 16 November 2022," Nestle said in an exchanging filing to announce its September quarter results.

Sonata Software Ltd. key Products/Revenue Segments include Software Products, Computer Software and Other Operating Revenue for the year ending 31-Mar-2022.

"This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive. However, high global inflation and tightening central banks pose headwinds to the rally," Vijayakumar said.

A total of 11,211 shares changed hands on the counter till 11:52AM (IST).

As of 30-Jun-2022, promoters held 54.22 per cent stake in the company, while FIIs held 15.91 per cent and domestic institutional investors had 0.13 per cent.

Gold has been trading flat since the American currency showed signs of exhaustion at the top. However, the hawkish Fed is capping gains in the yellow precious metal, said Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities.

On the technical charts, the RSI of the stock stood at 40.12.

Analysts suggest that buying in select stocks on a positional basis can deliver strong returns in the near term.