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Nifty below 17,200; Sensex drops 394 pts; IT shares advance

Published on Oct 10, 2022 14:31

The headline equity benchmarks continued to trade with modest losses in the mid-afternoon trade. The Nifty slipped below the 17,200 level. Barring the Nifty IT index, all the sectoral indices on the NSE traded in the red.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 394.44 points or 0.68% to 57,796.85. The Nifty 50 index lost 131.85 points or 0.76% to 17,182.80.

In the broader market, the S&P BSE Mid-Cap index slipped 1.17% while the S&P BSE Small-Cap index declined 0.74%.

The market breadth was weak. On the BSE, 1,247 shares rose and 2,278 shares fell. A total of 153 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.498 as compared with 7.460 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.4225, compared with its close of 82.30 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement declined 1.29% to Rs 51,290.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.43% to 113.29.

The United States 10-year bond yield increased to 3.888 as compared with 3.885 at close in the previous trading session.

In the commodities market, Brent crude for December 2022 settlement slipped 72 cents or 0.74% at $97.20 a barrel.

Buzzing Index:

The Nifty IT index added 0.36% to 27,833.45. The index has declined 0.70% in the previous session.

Tata Consultancy Services (up 1.32%), Larsen & Toubro Infotech (up 0.81%), Persistent Systems (up 0.65%) advanced.

On the other hand, HCL Technologies (down 0.81%), Tech Mahindra (down 0.61%) and L&T Technology Services (down 0.53%) declined.

Stocks in Spotlight:

International Travel House jumped 10.31% to 236.85 after the company reported a net profit of Rs 4.52 crore in Q2 FY23 as against a net loss of Rs 3.67 crore in Q2 FY22. Revenue from operations rose by 92.59% YoY to Rs 45.38 crore during the quarter.

Shreeji Translogistics (STL) rose 2.15% after the company said that it added United Parcel Service (UPS) as its clients in the bonded trucking division. UPS is a US-based multinational logistics company.

Veranda Learning Solutions advanced 2.83% after the company said its board will meet on Wednesday, 12 October 2022, to consider potential acquisition.

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