Nifty tad above 24,500; IT shares in demand

The frontline indices continued to trade with minor gains in morning trade. The Nifty traded above the 24,500 level. IT shares advanced after declining in the past three consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, added 78.25 points or 0.10% to 80,298.97. The Nifty 50 index added 30.30 points or 0.12% to 24,502.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.58% and the S&P BSE Small-Cap index gained 1.02%.

The market breadth was positive. On the BSE, 2,074 shares rose and 1,477 shares fell. A total of 147 shares were unchanged.

Economy:

The International Monetary Fund (IMF) maintained its June growth rate projects for India in its latest World Economic Outlook (WEO). IMF stated that India is set to grow at 7% in the current fiscal year ending March 31, 2025 and 6.5% in the next fiscal year (FY2025-26).

Result Today:

Hindustan Unilever (down 0.64%), Pidilite Industries (up 0.43%), TVS Motor Company (up 2.13%), United Spirits (down 1.04%), Aster DM Healthcare (down 0.07%), AU Small Finance Bank (down 0.98%), Bajaj Finserv (up 2.25%), Bajaj Holdings & Investment (down 0.01%), Birla Corporation (up 1.08%), Birlasoft (up 2.06%), CARE Ratings (up 3.01%), Craftsman Automation (up 0.80%), Fedbank Financial Services (down 0.09%), Fino Payments Bank (up 2.08%), Godrej Properties (up 1.38%), Heritage Foods (down 1.75%), IIFL Finance (down 1.15%), Johnson Controls-Hitachi Air Conditioning India (up 1.36%), KPIT Technologies (up 2.05%), Karnataka Bank (down 0.49%), Dr. Lal PathLabs (down 0.62%), MAS Financial Services (down 0.19%), Metro Brands (down 1.31%) and Piramal Enterprises (down 0.24%) will declare their results later today.

Buzzing Index:

The Nifty IT index gained 1.94% to 42,040.40. The index fell 3.49% in three consecutive trading sessions.

Coforge (up 8.64%), Persistent Systems (up 8.42%), Mphasis (up 2.83%), L&T Technology Services (up 1.19%), Tech Mahindra (up 0.85%), HCL Technologies (up 0.67%), Tata Consultancy Services (up 0.61%), LTIMindtree (up 0.57%), Wipro (up 0.54%) and Infosys (up 0.31%) advanced.

Stocks in Spotlight:

Amber Enterprises surged 8.43% after the company reported consolidated net profit of Rs 21 crore in Q2 FY25 as compared with net loss of Rs 5.7 crore in Q2 FY24. Revenue stood at Rs 1,685 crore in Q2 FY25, up 81.7% YoY.

Bajaj Finance jumped 4.93% after the company reported 13.03% jump in consolidated net profit to Rs 4,014 crore in Q2 FY25, up 13.03% as compared with Rs 3,551 crore in Q2 FY24. Revenue increased 27.72% YoY to Rs 17,095 crore during the quarter. FY25 credit cost guidance hiked from 1.75- 1.85% to 2-2.5%.

Adani Green Energy declined 1.56%. The companys consolidated net profit jumped 39% to Rs 515 crore in Q2 FY25 as compared with Rs 371 crore in Q2 FY24. Revenue increased 38% YoY to Rs 3,055 crore during the quarter ended 30 September 2024.

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