Nifty holds 24,100 level; IT shares rally for 4th day

The domestic equity benchmarks continued to trade near flat line with some positive bias in morning trade. The Nifty traded above the 24,100 level. IT shares witnessed buying demand for the fourth consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 43.99 points or 0.05% to 79,009.30. The Nifty 50 index added 1.40 points or 0.01% to 24,140.40.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.11% and the S&P BSE Small-Cap declined 0.75%.

The market breadth was weak. On the BSE, 1,394 shares rose and 2,221 shares fell. A total of 124 shares were unchanged.

 

Due to the observance of Independence Day on Thursday, 15 August 2024, the domestic market will be closed. Consequently, the Nifty weekly options expiry has been shifted to today.

Results today:

Capacite Infraprojects (up 3.33%), EID-Parry (India) (down 0.93%), Entero Healthcare Solutions (down 0.75%), Gabriel India (down 2.31%), Glenmark Pharma (up 1.20%), Hindustan Aeronautics (down 1.03%), KIOCL (up 1.51%), KNR Construction (down 0.95%), Mazagon Dock Shipbuilders (down 1.78%), Pitti Engineering (down 0.45%), Red Tape (down 0.57%), RHI Magnestia India (down 0.69%), Reliance Power (down 1.84%), Suprajit Engineering (up 0.80%), Swan Energy (down 1%) and Tarsons Products (down 7.58%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty IT index gained 0.97% to 39,495.10. The index rallied 2.72% in four consecutive trading sessions.

Tata Consultancy Services (up 1.52%), HCL Technologies (up 1.09%), Tech Mahindra (up 0.82%), Persistent Systems (up 0.65%), Infosys (up 0.52%), Wipro (up 0.5%), L&T Technology Services (up 0.25%), LTIMindtree (up 0.11%) and Mphasis (up 0.04%) advanced.

Stocks in spotlight:

Mahindra & Mahindra rose 1.39%. The company said that its total production declined 1.18% to 69,138 units in the month of July 2024 as compared with 69,962 units produced in the same period last year.

NMDC Steel shed 0.96%. The company reported consolidated net loss of Rs 547 crore in Q1 FY25 as compared with net loss of Rs 861 crore in Q4 FY24. Revenue increased 9.6% QoQ to Rs 2,023 crore in the first quarter of FY25.

Gujarat Narmada Valley Fertillizers Chemicals rose 0.05%. The companys consolidated net profit jumped 34.1% to Rs 118 crore on 22.3% increase in revenue to Rs 2,021 crore in Q1 FY25 over Q1 FY24.

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