Nifty holds 25,000 level; IT shares advance

The equity benchmarks traded with minor gains in morning trade. The Nifty traded above the 25,000 mark. IT shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex added 146.11 points or 0.18% to 81,834.56. The Nifty 50 index added 8.90 points or 0.04% to 25,023.50.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index fell 1.15% and the S&P BSE Small-Cap index slipped 2.11%.

The market breadth was weak. On the BSE, 870 shares rose and 2,840 shares fell. A total of 159 shares were unchanged.

Economy:

According to the data released by the Reserve Bank of India (RBI) on Friday, India's forex reserves were at $704.89 billion, having risen by $12.6 billion in the week through Sept. 27 in their biggest weekly increase since mid-July 2023.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) were up by $10.4 billion to $616 billion.

Gold reserves reported a surge of $2 billion to $65.7 billion. Meanwhile, SDRs for the week rose marginally by $8 million to stand at $18.547 billion. Reserve position in the IMF dipped by $71 million to $4.3 billion.

Buzzing Index:

The Nifty IT index rose 0.68% to 42,197.65. The index rallied 1.04% in two consecutive trading sessions.

Mphasis (up 2.32%), LTIMindtree (up 2.32%), Persistent Systems (up 2.11%), Coforge (up 1.31%), Infosys (up 0.9%), HCL Technologies (up 0.64%), Tata Consultancy Services (up 0.59%), L&T Technology Services (up 0.42%), Wipro (up 0.39%) and Tech Mahindra (up 0.15%) advanced.

Stocks in Spotlight:

Tata Steel shed 0.90%. The companny said that in Q2 FY25, the crude steel production of India division stood at 5.27 million tons (up 5% YoY) and deliveries were 5.10 million tons (up 6% YoY).

Avantel jumped 6.31% after the company reported 42.44% increase in consolidated net profit to Rs 22.89 crore in Q2 FY25 as compared with Rs 16.07 crore in Q2 FY24. The companys revenue from operations jumped 42.5% YoY to Rs 77.42 crore in Q2 FY25.

Bandhan Bank added 0.45%. The company has reported 21.4% increase in loans & advances to Rs 1,30,652 crore for the three month period ended on 30 September 2024 from Rs 1,07,633 crore recorded during the same period last year.

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