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Broader market trades with limited losses; IT shares decline

Published on Nov 13, 2023 11:30

The domestic equity barometers traded in a narrow range, near the day`s low, in mid-morning trade. The Nifty traded below the 19,450 mark. IT shares witnessed across the board selling.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 334.47 points or 0.51% to 64,924.98. The Nifty 50 index lost 85.05 points or 0.44% to 19,440.50.

In the broader market, the S&P BSE Mid-Cap index slipped 0.17% while the S&P BSE Small-Cap index fell 0.10%.

The market breadth was negative. On the BSE, 1561 shares rose and 2018 shares fell. A total of 159 shares were unchanged.

On the macro front, India`s inflation rate for October will be unveiled on 13 November 2023. India`s inflation based on wholesale price index (WPI) for October will be unveiled on 14 November 2023.

New Listing:

Shares of Protean eGov Technologies were currently trading at Rs 814 on the BSE, representing a premium of 2.78% as compared with the issue price of Rs 792. The scrip was listed at Rs 792, matching the initial public offer (IPO) price.

So far, the stock has hit a high of 823 and a low of 775. On the BSE, over 20.98 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Protean eGov Technologies was subscribed 23.86 times. The issue opened for bidding on 6 October 2023 and it closed on 8 November 2023. The price band of the IPO was fixed at Rs 752-792 per share.

Buzzing Index:

The Nifty IT index fell 0.82% to 30,609.15. The index had advanced 0.72% to end at 30,861 during the Mahurat trading session on Sunday.

Persistent Systems (down 1.64%), Coforge (down 1.49%), Mphasis (down 1.19%), L&T Technology Services (down 0.94%) and Infosys (down 0.91%) were the top losers.

Among the other losers were LTIMindtree (down 0.78%), Tech Mahindra (down 0.77%), Tata Consultancy Services (down 0.71%), Wipro (down 0.47%) and HCL Technologies (down 0.23%).

Stocks in Spotlight:

Biocon fell 3.81%. The global biopharmaceuticals company has reported a net profit of Rs 126 crore for Q2 FY24 as against a PAT of Rs 47 crore in Q2 FY23. Consolidated revenues for the second quarter grew by 52% year-on-year (YoY) to Rs 3,620 crore.

Rashtriya Chemicals & Fertilizers declined 1%. The company�s consolidated net profit slipped 80.52% to Rs 51.03 crore in Q2 FY24 as compared with Rs 261.91 crore posted in same period lat year. Revenue from operations dropped 25.48% year on year to Rs 4,155.19 crore during the quarter.

Sun TV Network gained 3.31%. The media company�s standalone net profit rose 13.86% to Rs 456.24 crore on 27.82% increase in revenue from operations to Rs 1,017.98 crore in Q2 FY24 over Q2 FY23.

Global Markets:

Asian stocks are trading higher on Monday, bouncing off declines in the previous session as investors look to more economic data ahead of high-stakes talks between the U.S. and China. U.S. President Joe Biden and China�s President Xi Jinping are set this week for their first in-person meeting in about a year.

Japan�s wholesale inflation slowed sharply last month, in a sign that cost pressures were gradually cooling, according to data released by the Bank of Japan. The central bank�s corporate goods price index rose 0.8% in October from a year earlier.

Ratings agency Moody�s Investors Service on Friday downgraded its ratings outlook on the U.S. government to negative from stable, pointing to rising risks to the nation�s fiscal strength.

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