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Nifty trades below 21,650; IT stocks under pressure

Published on Jan 02, 2024 12:32

The key equity indices continued to trade with limited losses in early afternoon trade. The Nifty traded below the 21,650 mark after hitting the day`s high of 21,755.60 in early trade. IT shares declined after rising in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 476.77 points or 0.66% to 71,795.17. The Nifty 50 index lost 107.65 points or 0.50% to 21,634.25.

In the broader market, the S&P BSE Mid-Cap index slipped 0.37% and the S&P BSE Small-Cap index fell 0.31%.

The market breadth was negative. On the BSE, 1,636 shares rose and 2,072 shares fell. A total of 122 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.08% to 14.69. The Nifty 25 January 2024 futures were trading at 21,742, at a premium of 107.75 points as compared with the spot at 21,634.25.

The Nifty option chain for the 25 January 2024 expiry showed maximum Call OI of 26.6 lakh contracts at the 22,000 strike price. Maximum Put OI of 39.1 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty IT index declined 1.35% to 35,214.70. The index rose 0.51% in the past trading session.

Coforge (down 2.87%), Mphasis (down 2.48%), Wipro (down 2.09%), LTIMindtree (down 1.81%), Tech Mahindra (down 1.65%), Infosys (down 1.54%), L&T Technology Services (down 1.22%), HCL Technologies (down 1.2%), Tata Consultancy Services (down 0.79%) and Persistent Systems (down 0.31%) edged lower.

Stocks in Spotlight:

Life Insurance Corporation of India (LIC) fell 1.63% after the company received GST demand of Rs 806.29 crore, including, GST, penalty and interest from Deputy Commissioner of State Tax, Mumbai, Maharashtra.

JTL Industries (JTL) gained 3.18% after the firm reported a quarterly sales volume of 1,00,905 MT in Q3 FY24, marking an impressive growth of 76.05% compared to the volume of 57,317 recorded in Q3 FY23.

NMDC added 3.43% after the state-owned iron ore miner increased prices of lump ore and fines, effective from 2 January 2024.

Ashok Leyland slipped 2.66% after the company sold 16,324 vehicles in December 2023, which is lower by 10% as compared with 18,138 units sold in December 2022.

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