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Indices trim gains, IT shares in demand

Published on Feb 02, 2024 12:30

The headline equity benchmarks pared gains in early-afternoon trade. The Nifty traded above 22,000 level. IT shares advanced after declining in the past trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, soared 1,014.34 points or 1.42% to 72,659.64. The Nifty 50 index jumped 324.90 points or 1.50% to 22,022.35.

The benchmark, Nifty50 index hit an all-time high at 22,126.80 in early afternoon trade.

In the broader market, the S&P BSE Mid-Cap index rose 1.19% and the S&P BSE Small-Cap index added 0.87%.

The market breadth was strong. On the BSE, 2,269 shares rose and 1,476 shares fell. A total of 112 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 1.38% to 15.88. The Nifty 29 February 2024 futures were trading at 21,782.80, at a premium of 114.25 points as compared with the spot at 21,668.55.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 39.1 lakh contracts at the 23,000 strike price. Maximum Put OI of 34.3 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty IT index rallied 2.60% to 37,485.35. The index shed 0.28% in the past trading session.

Coforge (up 3.49%), Infosys (up 3.36%), Tech Mahindra (up 3%), Tata Consultancy Services (up 2.81%), Wipro (up 2.74%), Persistent Systems (up 2.61%), LTIMindtree (up 2.41%), HCL Technologies (up 1.52%) and L&T Technology Services (up 1.51%) edged higher.

Stocks in Spotlight:

Rites slipped 3.25% after the company�s consolidated net profit declined 14.24% to Rs 120.14 crore in Q3 FY24 as against Rs 140.09 crore recorded in Q3 FY23. Revenue from operations rose marginally to Rs 682.89 crore in the quarter ended 31 December 2023 from Rs 677.34 crore posted in Q3 FY23.

Abbott India surged 7.36% after the company`s net profit increased 26% to Rs 310.98 crore in Q3 FY24 as compared with Rs 246.83 crore in Q3 FY23. Revenue from operations was at Rs 1,437.14 crore in Q3 FY24, up 8.69% from Rs 1,322.19 crore reported in the same quarter previous year.

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