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Barometers trade with modest losses, IT shares decline

Published on Feb 26, 2024 10:35

The key equity benchmarks traded with limited losses in morning trade. The Nifty slipped below 22,150 mark. IT shares extended losses for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 279.73 points or 0.38% to 72,863.07. The Nifty 50 index lost 85.35 points or 0.38% to 22,127.35.

In the broader market, The S&P BSE Mid-Cap index shed 0.37% and the S&P BSE Small-Cap index rose 0.18%.

The market breadth was almost even. On the BSE, 1,853 shares rose and 1,860 shares fell. A total of 175 shares were unchanged.


India�s forex reserves declined $5.24 billion to $617.23 billion for the week ended 9 February 2024, according to the latest RBI data. The forex kitty stood at $622.5 billion for the week ended 2 February 2024.

The reserves had peaked in October 2021, when kitty had reached $ 645 billion. In the current financial year 2023-24, the forex reserves have increased $50.28 billion, the RBI data showed.

Foreign currency assets, which constitute the largest component of the reserves, dropped $4.07 billion to $546.52 billion during the week under review, as per the latest data. The country�s reserve position with the IMF also declined $28 million to $48.32 billion in the reporting week.

Buzzing Index:

The Nifty IT index declined 1.28% to 37,559.45. The index fell 1.50% in the two trading sessions.

Persistent Systems (down 3.26%), Mphasis (down 3.17%), Wipro (down 1.46%), Coforge (down 1.36%), Tech Mahindra (down 1.31%), Tata Consultancy Services (down 1.14%), LTIMindtree (down 1.13%), Infosys (down 1.08%), HCL Technologies (down 0.7%) and L&T Technology Services (down 0.41%) declined.

Stocks in Spotlight:

Rites advanced 3.10% after the company�s Infomerics Valuation and Rating (IVR) has reaffirmed long-term rating on the credit facitilies of the company at `IVR AAA� with a `stable� outlook.

Aditya Birla Capital advanced 2.32% after the company announced that it has made an investment of Rs 50 crore in its wholly owned subsidiary, Aditya Birla Capital Digital (ADBCDL) on right basis.

Sanofi India declined 2.45%. The company reported 5.19% jump in net profit to Rs 137.7 crore in Q4 FY24 as compared with Rs 130.9 crore in Q3 FY23. Revenue from operations increased 3.27% YoY to Rs 693.9 crore in Q4 FY24.

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