Shares trade with modest losses; IT stocks edge higher for 3rd day

The domestic equity benchmarks continued to trade with modest losses in mid-afternoon trade. The Nifty traded tad above the 17,700 level. IT shares advanced for third consecutive session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 113.11 points or 0.19% to 59,718.55. The Nifty 50 index lost 27.40 points or 0.15% to 17,703.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.55% while the S&P BSE Small-Cap index declined 0.10%.

The market breadth was negative. On the BSE, 1,425 shares rose and 1,923 shares fell. A total of 118 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined to 7.461 as compared with 7.511 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.7800, compared with its close of 82.8800 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement was down 0.08% to Rs 50,541.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, advanced 0.01% to 112.

The United States 10-year bond yield fell 1.29% to 4.177.

In the commodities market, Brent crude for December 2022 settlement declined 61 cents or 0.65% at $92.65 a barrel.

Buzzing Index:

The Nifty IT index rose 0.86% to 28,780.65. The index has added 1.56% in three sessions.

Persistent Systems (up 3.56%), Tech Mahindra (up 3.37%), L&T Technology Services (up 1.54%), Larsen & Toubro Infotech (up 1.5%) and Infosys (up 0.8%) were the top gainers.

Among the other gainers were Coforge (up 0.56%), Tata Consultancy Services (up 0.37%), Wipro (up 0.16%), HCL Technologies (up 0.12%) and Mphasis (up 0.1%).

Stocks in Spotlight:

V.I.P. Industries fell 1.49%. The company reported 2.3x jump in consolidated net profit to Rs 43 crore in Q2 FY23 from Rs 19 crore in Q2 FY22. Revenue from operations increased by 56% YoY to Rs 515 crore during the quarter.

Birlasoft slipped 2.27%. The company`s consolidated net profit declined 4.7% to Rs 115.05 crore despite of 3.26% rise in revenue from operations to Rs 1,192.08 crore in Q2 FY23 over Q1 FY23.

Indraprastha Gas (IGL) jumped 7.10%. The company reported 4% rise in consolidated net profit to Rs 416.15 crore on a 94% jump in net revenue from operations to Rs 3,554.01 crore in Q2 FY23 over Q2 FY22.

Powered by Capital Market - Live News