Nifty hovers above 22,000 level; IT shares under pressure

The benchmark indices continued to trade with minor gains in mid-afternoon trade. The Nifty hovered above the 22,000 level. IT shares declined for the third consecutive trading session.

At 13:26 IST, the barometer index, the S&P BSE Sensex gained 107.38 points or 0.15% to 72,511.55. The Nifty 50 index added 61.80 points or 0.28% to 22,019.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% and the S&P BSE Small-Cap index added 0.57%.

The market breadth was positive. On the BSE, 2,071 shares rose and 1,676 shares fell. A total of 134 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 1.05% to 32,857.55. The index declined 1.79% in three trading sessions.

Tata Consultancy Services (down 1.8%), Persistent Systems (down 1.36%), Infosys (down 1.29%), LTIMindtree (down 1.21%), Mphasis (down 1.08%), L&T Technology Services (down 0.98%), Wipro (down 0.91%), Tech Mahindra (down 0.54%), HCL Technologies (down 0.34%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.10% to 7.121 as compared with previous close 7.135.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.4950, compared with its close of 83.4800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement added 1.35% to Rs 72,605.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 105.25.

The United States 10-year bond yield shed 0.04% to 4.448.

In the commodities market, Brent crude for July 2024 settlement gained 17 cents or 0.20% to $84.05 a barrel.

Stocks in Spotlight:

Computer Age Management Services (CAMS) rallied 3.38% after the company jumped 38.72% to Rs 103.50 crore in Q4 FY24 as compared with Rs 74.61 crore in Q4 FY23. Revenue from operations increased 24.56% to Rs 310.45 crore in Q4 FY24 as compared with Rs 249.23 crore in Q4 FY23.

Polycab India jumped 7.77% after the company reported 28.46% increase in consolidated net profit to Rs 546 crore on 29.33% rise to revenue from operations to Rs 5,591.89 crore in Q4 FY24 over Q4 FY23. The growth in revenue was on the back of strong volume growth in wires & cables (W&C) business.

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