NIFTY FAILS TO HOLD 25,900 LEVEL; IT SHARES DECLINE

The domestic equity benchmarks traded with minor losses in early afternoon trade. The Nifty slipped below the 25,900 level. IT shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex declined 122.98 points or 0.14% to 84,792.11. The Nifty 50 index fell 58.30 points or 0.21% to 25,886.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.80% and the S&P BSE Small-Cap index shed 0.53%.

The market breadth was negative. On the BSE, 1,531 shares rose and 2,316 shares fell. A total of 113 shares were unchanged.

Economy:

Moody�s has revised its calendar year 2024 growth forecast for India to 7.1% from its earlier estimates of 6.8% in June, as it expects growth in the Asia-Pacific region to outpace the global economy.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 0.89% to 13.27. The Nifty 26 September 2024 futures were trading at 26,033.05, at a premium of 146.45 points as compared with the spot at 25,886.60.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 139.3 lakh contracts at the 27,000 strike price. Maximum Put OI of 107.9 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty IT index fell 1.16% to 41,754.45. The index advanced 0.67% in the past trading session.

LTIMindtree (down 2.96%), Tech Mahindra (down 2.63%), Coforge (down 1.47%), Mphasis (down 1.34%) and Wipro (down 1.24%), Persistent Systems (down 1.22%), L&T Technology Services (down 1.12%), HCL Technologies (down 0.99%), Infosys (down 0.93%) and Tata Consultancy Services (down 0.47%) declined.

Stocks in Spotlight :

Snowman Logistics slipped 3.63% after the company said that its Chief Executive Officer (CEO), Sunil Prabhakaran Nair has resigned with effect from the close of business hours of 30 November 2024, due to his personal reasons.

Ecos (India) Mobility & Hospitality slipped 2.95% after the company reported standalone net profit of Rs 13.50 crore in Q1 FY25, marking a de-growth of 2.87% as compared with the PAT of Rs 13.90 crore recorded in Q1 FY24. Revenue from operations increased by 14.01% to Rs 148.90 crore in Q1 FY25 from Rs 130.60 crore posted in Q1 FY24.

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