Shares trade with limited losses; IT shares decline
Published on Aug 02, 2022 12:25
The key equity barometers continued to trade with limited losses in early afternoon trade. The Nifty traded tad below the 17,300 level. IT shares witnessed some bit of profit booking after advancing in the past four sessions.
At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 101.73 points or 0.18% to 58,013.77. The Nifty 50 index declined 40.20 points or 0.23% to 17,299.85.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.41% while the S&P BSE Small-Cap index gained 0.40%.
The market breadth was positive. On the BSE, 1,902 shares rose and 1,324 shares fell. A total of 136 shares were unchanged.
The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 3.21% to 18.05. The Nifty 25 August 2022 futures were trading at 17,327.30, at a premium of 27.45 points as compared with the spot at 17,299.85.
The Nifty option chain for the 25 August 2022 expiry showed maximum Call OI of 22 lakh contracts at the 18,000 strike price. Maximum Put OI of 27.9 lakh contracts were seen at 16,500 strike price.
The Nifty IT index shed 0.77% to 28,996.20. The index had advanced 6.57% in the past four sessions.
Coforge (down 2.51%), Tech Mahindra (down 1.49%), Infosys (down 1.14%) and Mphasis (down 1.02%) were the top losers.
Among the other losers were Mindtree (down 0.86%), HCL Technologies (down 0.33%), L&T Technology Services (down 0.31%) and Tata Consultancy Services (down 0.28%).
Larsen & Toubro Infotech (LTI) slipped 1.11%. LTI has announced the expansion of its collaboration with Microsoft to focus on developing high-value cloud solutions for enterprises. As a part of this multi-year collaboration, LTI has launched a dedicated Microsoft business unit that develops and offers end-to-end digital transformation solutions.
Stocks in Spotlight:
Zomato jumped 17.15%. The online food delivery platform reported a consolidated net loss of Rs 186 crore in Q1 June 2022, as against net loss of Rs 360.70 crore in Q1 June 2021. Revenue from operations stood at Rs 1,413.9 crore in Q1 June 2022, up 67.44% from Rs 844.4 crore reported in Q1 June 2021.
Eicher Motors fell 2.55%. The company said that its unlisted subsidiary VE Commercial Vehicles sold 5982 units in July 2022, up 40.10% compared with 4271 units sold in July 2021.
Separately, Eicher Motors informed that it sold 55,555 motorcycle units in July 2022 as against 44,038 units sold in July 2021, recording a growth of 26% YoY.
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