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Equity barometers continue to pare losses; IT shares decline for third day

Published on Nov 10, 2023 12:29

The key equity indices continued to pare losses in early afternoon trade. The Nifty traded below the 19,400 level. IT shares extended their losses for third consecutive session.

At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 76.99 points or 0.12% to 64,755.21. The Nifty 50 index lost 15.95 points or 0.08% to 19,379.35.

In the broader market, the S&P BSE Mid-Cap index gained 0.15% while the S&P BSE Small-Cap index added 0.38%.

The market breadth was positive. On the BSE, 1,892 shares rose and 1,632 shares fell. A total of 157 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.52% to 11.15. The Nifty 30 November 2023 futures were trading at 19,436, at a premium of 56.65 points as compared with the spot at 19,379.35.

The Nifty option chain for the 30 November 2023 expiry showed maximum Call OI of 33.1 lakh contracts at the 19,500 strike price. Maximum Put OI of 48.6 lakh contracts were seen at 19,000 strike price.

Buzzing Index:

The Nifty IT index fell 0.59% to 30,535.30. The index has declined 1.44% in three sessions.

HCL Technologies (down 1.11%), Persistent Systems (down 0.8%), Wipro (down 0.76%), Coforge (down 0.7%) and Infosys (down 0.67%) were the top losers.

Among the other losers were Tata Consultancy Services (down 0.66%), LTIMindtree (down 0.52%) and Mphasis (down 0.08%).

On the other hand, L&T Technology Services (up 0.48%) and Tech Mahindra (up 0.48%) turned up.

Stocks in Spotlight:

GE Power India fell 3.37%. The company reported a consolidated net loss of Rs 61.85 crore in Q2 FY24 as against a net loss of Rs 112.57 crore in Q2 FY23. Revenue fell by 17% to Rs 354 crore in the second quarter from Rs 428 crore posted in the same period last year.

Onward Technologies rose 1.07%. The company said that it has paid all the outstanding loan amount of Rs 44.95 lakh and now has become a debt free company.

Glaxosmithkline Pharmaceuticals (GSK Pharma) added 2.89%. The company�s net profit rose 11.36% to Rs 215.54 crore in Q2 FY24 as against Rs 193.56 crore recorded in Q2 FY23. Revenue from operations grew by 5.27% year on year to Rs 953.38 crore in the quarter ended 30 September 2023.

Welspun Corp shed 0.43%. The company said that its associate company East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA) has signed a contract with Saudi Aramco , for a total value exceeding SAR 440 million (approximately Rs 1000 crore).

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