INDICES TRADE WITH MINOR LOSSES; IT SHARES UNDER PRESSURE

The frontline indices traded near the flat line with negative bias in mid-afternoon trade. The Nifty traded below the 24,550 mark after hitting the day�s high of 24,595.20 in mid-morning trade. IT shares extended losses in the two consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 89.94 points or 0.11% to 80,521.74. The Nifty 50 index shed 21.60 points or 0.09% to 24,509.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rallied 1.28% and the S&P BSE Small-Cap index added 0.71%.

The market breadth was positive. On the BSE, 2,173 shares rose and 1,794 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty IT index shed 0.79% to 39,609.65. The index declined 0.92% in the two trading sessions.

Wipro (down 8.94%), HCL Technologies (down 0.98%), LTIMindtree (down 0.72%), Tata Consultancy Services (down 0.66%) edged lower.

On the other hand, Persistent Systems (up 3.81%), L&T Technology Services (up 2.98%) and Mphasis (up 1.27%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal rose 0.10% to 6.972 as compared with previous close 6.965.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.6600, compared with its close of 83.7000 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.12% to Rs 72,900.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.16% to 104.23.

The United States 10-year bond yield fell 0.33% to 4.225.

In the commodities market, Brent crude for September 2024 settlement added 40 cents or 0.48% to $83.03 a barrel.

Stocks in Spotlight:

Stanley Lifestyles rallied 4.32% after the company�s consolidated net profit jumped 75.86% to Rs 10.20 crore in Q1 FY25 as compared with Rs 5.80 crore posted in Q1 FY24. Revenue from operations was at Rs 119.20 crore in the first quarter of FY25, registering a growth of 23% as compared with Rs 96.90 crore posted in the corresponding quarter previous year.

Dodla Dairy jumped 7.62% after the dairy product maker reported 85.93% jump in consolidated net profit to Rs 65.02 crore on 10.70% increase in revenue from operations to Rs 911.59 crore in Q1 FY25 over Q1 FY24.

Rane Brake Lining shed 0.29%. The company reported 70% jump in net profit to Rs 8.8 crore on a 5% increase in income from operations to Rs 159.9 crore in Q1 FY25 as compared with Q1 FY24.

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