Market extends losses; IT shares under pressure

The key equity benchmarks declined further in morning trade. The Nifty slipped below the 21,350 mark. IT shares declined after advancing in the past trading session. Trading could be volatile due to January F&O series expiry today.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 560.43 points or 0.79% to 70,499.88. The Nifty 50 index lost 146.75 points or 0.68% to 21,307.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.21% and the S&P BSE Small-Cap index gained 0.41%.

The market breadth was positive. On the BSE, 2,059 shares rose and 1,450 shares fell. A total of 145 shares were unchanged.

Earnings Today:

JSW Steel (down0.25%), Punjab National Bank (up 0.43%), ACC (up 2.60%), Adani Power (up 064%), SBI Cards and Payment Services (down 1.35%), SBI Life Insurance Company (down 1.90%), Tata Technologies (down 0.29%), Vedanta (down 0.06%), Hindustan Petroleum Corporation (down 0.07%), AU Small Finance Bank (down 3.12%), Cholamandalam Investment and Finance Company (down 0.19%), Cyient (down 2.67%), Equitas Small Finance Bank (up 0.66%), Indian Energy Exchange down (1.13%), Indraprastha Gas (down 2.31%), SBFC Finance (up 0.99%), Shriram Finance (up 0.99%), and Syngene International (down 0.53%) will announce their quarterly results later today.

Yes Bank (up 0.81%), Macrotech Developers (up 2.59%), APL Apollo Tubes (down 0.91%), Bhansali Engineering Polymers (up 0.46%), Capri Global Capital (down 1.02%), Craftsman Automation (down 0.89%), Dodla Dairy (up 1.58%), Olectra Greentech down (0.50%), Utkarsh Small Finance Bank (down 0.49%), and Zen Technologies (up 1.28%) will announce their quarterly earnings on Saturday, 27 January 2024.

Buzzing Index:

The Nifty IT index slipped 1.20% to 36,644.05. The index advanced 1.56% in the past trading session.

Tech Mahindra (down 3.88%), Mphasis (down 1.21%), HCL Technologies (down 1.19%), Tata Consultancy Services (down 0.84%), Infosys (down 0.67%), LTIMindtree (down 0.38%), L&T Technology Services (down 0.36%) slipped.

Tech Mahindra tumbled 3.38%. The IT company`s consolidated net profit rose 3.34% to Rs 510.4 crore on 1.85% increase in revenue from operations to Rs 13,101.3 crore in Q3 FY24 over Q2 FY24. On a year on year (YoY) basis, Tech Mahindra`s net profit dropped 60.64% while revenue fell 4.61% in Q3 FY24.

Stocks in Spotlight:

DLF gained 1.36% after the company reported consolidated net profit of Rs 655.71 crore in Q3 FY24 as compared with net profit of Rs 517.94 crore posted in Q3 FY23. Total income rose to Rs 1,643.51 crore in Q3 FY24 from Rs 1559.66 crore recorded in Q3 FY23.

IRM Energy shed 0.02%. The commercial operations at LCNG station at Rasipuram, Namakkal District of the Geographical Area of the Company has been commenced on 24 January 2024. The LCNG Station has a capacity of natural gas compression of 64800 kgs/day at 250 bar (High Pressure Stream) and 104500 kgs/day (Medium Pressure Stream).

Mazagon Dock Shipbuilders advanced 2.37% after the company said that it has signed a contract with Acquisition Wing of Ministry of Defence for Construction and Delivery of fourteen Fast Patrol Vessels (FPVs) for Indian Coast Guard (ICG).

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