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Market under pressure; IT shares extent losses for 3rd day

Published on May 30, 2024 12:43

The key equity benchmarks traded in narrow range with substantial losses in early afternoon trade. The Nifty traded below the 22,600 level after hitting day�s high of 22,705.75 in early trade. IT shares witnessed selling pressure for the third consecutive trading sessions. Trading could be volatile due to May F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 408.85 points or 0.54% to 74,098.31. The Nifty 50 index lost 138.10 points or 0.61% to 22,566.60.

In the broader market, the S&P BSE Mid-Cap index slipped 0.62% and the S&P BSE Small-Cap index declined 0.86%.

The market breadth was weak. On the BSE, 1,249 shares rose and 2,456 shares fell. A total of 119 shares were unchanged.


According to the latest Annual Report of the Reserve Bank of India (RBI), the Indian economy is exhibiting strength and stability with robust macroeconomic fundamentals and financial stability. India has emerged as the fastest growing major economy in the world and a leading contributor to global growth. Inflationary pressures are abating, led by steady core disinflation and deflation in fuel prices. Food inflation, however, remains vulnerable to recurring supply shocks which are preventing a quicker alignment of headline inflation with the target. Fiscal consolidation is progressing along with an improvement in the quality of fiscal spending and adjustment.

The outlook for the Indian economy in 2024-25 is brightening, says the RBI. Headline inflation softened to 5.4% during 2023-24 from 6.7% in the previous year, driven by the fall in core inflation (CPI excluding food and fuel) to 4.3% from 6.1%. India is well placed to step-up its growth trajectory over the next decade in an environment of macroeconomic and financial stability.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 1.92% to 23.71. The Nifty 27 June 2024 futures were trading at 22,677.05, at a premium of 110.45 points as compared with the spot at 22,566.60

The Nifty option chain for the 27 June 2024 expiry showed maximum Call OI of 43 lakh contracts at the 24,000 strike price. Maximum Put OI of 41.9 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty IT index declined 1.12% to 33,168.25. The index fell 2.43% in three consecutive trading sessions.

Coforge (down 2.25%), Persistent Systems (down 2.24%), Wipro (down 1.35%), L&T Technology Services (down 1.32%), Mphasis (down 1.26%), Tata Consultancy Services (down 1.1%), HCL Technologies (down 1.07%), LTIMindtree (down 1.01%), Infosys (down 0.81%) and Tech Mahindra (down 0.41%) declined.

Stocks in Spotlight :

SJVN slipped 3.97% after the company reported 56.04% drop in consolidated net profit to Rs 61.08 crore on 11.12% decline in revenue from operations to Rs 482.91 crore in Q4 FY24 over Q3 FY24.

Indegene declined 3.11% after the company�s consolidated net profit fell 3.9% to Rs 94.9 crore in Q4 FY24 as compared with Rs 98.8 crore in Q3 FY24. Revenue from operations fell marginally to Rs 673 crore in Q4 FY24 from Rs 673.4 crore in Q3 FY24.

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