Indices trade near day's low; European mkt decline

The domestic equity benchmarks traded with moderate losses in afternoon trade The Nifty traded below the 24,650 mark after hitting the days high of 24,854.80 in early trade. Barring IT index all the other sectoral indices on the NSE were traded in red.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 427.87 points or 0.53% to 80,915.59. The Nifty 50 index declined 173.95 points or 0.70% to 24,626.90

The Sensex and Nifty clocked an all-time high of 81,587.76 and 24,854.80, respectively in early trade.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 1.86% and the S&P BSE Small-Cap index declined 1.68%.

The market breadth was weak. On the BSE, 880 shares rose and 2,908 shares fell. A total of 103 shares were unchanged.

Gainers & Losers:

Infosys (up 2.64%), LTIMindtree (up 1.10%), ITC (up 1%), Asian Paints (up 0.63%) and Tata Consultancy Services (up 0.53%) were major Nifty gainers.

Tata Steel (down 4.30%), JSW Steel (down 3.67%), Hindalco Industries (down 3.43%), Bharat Petroleum Corporation (down 2.91%) and Coal India (down 2.89%) were major Nifty losers.

Infosys added 2.64% after the company raised its FY25 revenue guidance from previous quarters projection of 1% -3% to 3% - 4% in constant currency and while maintaining the operating margin guidance at 20%-22% for the same fiscal year.

The IT majors consolidated net profit declined 20.08% to Rs 6,374 crore in Q1 FY25 as compared with Rs 7,975 crore in Q4 FY24. Revenue from operations increased 3.67% QoQ to Rs 39,315 crore in Q1 FY25.

Stocks in Spotlight:

One 97 Communications added 2.38%. The company has reported a consolidated net loss of Rs 840.1 crore in Q1 FY25 as against a net loss of Rs 358.4 crore recorded in Q1 FY24. Revenue from operations for the period under review fell by 36% year-over-year (YoY) to Rs 1,502 crore.

Dr. Reddy's Laboratories shed 0.15%. The company said that it has entered into a non-exclusive patent licensing agreement with Takeda Pharmaceutical Company to commercialise Vonoprazan tablets in India.

Persistent Systems tumbled 6.27% after the IT companys consolidated net profit fell 2.82% to Rs 306.42 crore in Q1 FY25 as against with Rs 315.32 crore posted in Q4 FY24. Revenue from operations stood at Rs 2,737.17 crore in the first quarter of FY25, up 5.66% QoQ and 17.92% YoY.

L&T Technology Services (LTTS) rose 1.93%. The companys consolidated net profit fell 8.01% to Rs 313.6 crore in Q1 FY25 as compared with Rs 313.6 crore in Q4 FY24. Revenue from operations fell 2.98% quarter on quarter (QoQ) to Rs 2,461.9 crore in the quarter ended 30 June 2024.

Zydus Lifesciences fell 3.12%. The company announced that it has received a final approval from the United States Food and Drug Administration (USFDA) for its new drug application (NDA) to market Zituvimet XR (sitagliptin and metformin hydrochloride) tablets.

Meanwhile, the company received a report from the United States Food and Drug Administration (USFDA) for the inspection conducted at its injectables manufacturing facility located at Jarod, near Vadodara, Gujarat. Post inspection, the USFDA classified the facility as Official Action Indicated (OAI).

Global Markets:

European and Asian stocks declined on Friday, due to a combination of factors including political tensions (US-China trade war, US election), China's weak economic data, and a lack of clear plans from Chinese government to boost their economy.

U.S. stocks fell on Thursday, snapping a winning streak for the Dow after large technology companies continued to lose ground. This comes amid concerns about overvaluation after a strong 2024 driven by AI optimism. The VIX, a gauge of investor fear, jumped 10%, potentially reflecting anxieties surrounding the upcoming presidential election. The Dow Jones Industrial Average closed down 1.3%, ending its three-day record run. The broader S&P 500 and tech-heavy Nasdaq also saw losses.

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