Indices trade with strong gaines; IT shares in demand

The domestic equity benchmarks traded with major gains and hit day�s high in morning trade. The Nifty marched above the 21,800 level. IT shares jumped after declining in the past trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 636.43 points or 0.89% to 72,357.61. The Nifty 50 index gained 181.30 points or 0.84% to 21,828.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.30% and the S&P BSE Small-Cap index added 0.65%.

The market breadth was strong. On the BSE, 2,232 shares rose and 1,324 shares fell. A total of 153 shares were unchanged.

Results Today:

HCL Technologies (up 2.90%), Wipro (up 4.46%), HDFC Life Insurance (down 0.65%), Anand Rathi Wealth (up 0.79%), Just Dial (down 0.32%), JTL Industries (down 0.46%), Tata Metaliks (up 0.70%), Den Networks (down 0.87%), Bharat Bijle (up 0.81%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty IT rallied 4.48% to 36,289.90. The index declined 0.28% in the past trading session.

Infosys (up 7.35%), Mphasis (up 5.55%), Coforge (up 5.18%), Tech Mahindra (up 4.48%) and Wipro (up 4.35%), Tata Consultancy Services (up 4.09%), HCL Technologies (up 3.53%), Persistent Systems (up 3.47%), LTIMindtree (up 3.39%) and L&T Technology Services (up 3.12%) edge higher.

TCS rallied 4.09% after the IT giant`s consolidated net profit declined 2.5% to Rs 11,058 crore in Q3 FY24 as against Rs 11,342 crore reported in Q2 FY24. Revenue from operations rose 1.49% to Rs 60,583 crore during the quarter from Rs 59,692 crore posted in Q2 FY24. The company`s order book total contract value (TCV) stood at $8.1 billion as on 31 December 2023 and the book to bill ratio was at 1.1. The board has declared a second interim dividend of Rs 9 and a special dividend of Rs 18 per equity share. The record date for the same is 19 January 2024 and the payment date is 5 February 2024.

Infosys jumped 7.35% the IT major`s consolidated net profit fell 1.6% to Rs 6,113 crore in Q3 FY24 from Rs 6215 crore in Q2 FY24. Revenues fell marginally to Rs 38,821 crore in Q3 FY24 as compared with Rs 38,994 crore in Q2 FY24. Year on year basis, the company�s net profit declined 7.2% while revenues increase 1.3% as compared with Q3 FY24. In terms of guidance, the company has revised it FY24 revenue guidance to 1.5%-2.0% and operating margin guidance at 20%-22%.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) slipped 1.14% after the Foreign investor Lexdale International is reportedly likely to sell 2.62 crore shares of Nykaa via a block deal, as per reports.

Life Insurance Corporation of India (LIC) shed 0.34%. LIC said that the company has received orders from Income Tax authorities regarding Income Tax demand issued by Assistant Commissioner of Income Tax, Mumbai. The company shall file an appeal before Commissioner (Appeals), Mumbai against the orders within the prescribed timelines.

H.G. Infra Engineering jumped 3.79% The company has been declared as L-1 bidder by Central Railway for the project involving construction of New BG Line Between Dhule (Borvihir) to Nardana of Central Railway. The bid project cost is Rs 716.11 crore.

Powered by Capital Market - Live News