Barometers pare most losses; IT shares in demand

The domestic equity benchmarks pared most losses and traded with small cuts in early afternoon trade. The Nifty traded a tad below the 17,500 level. IT shares witnessed across the board buying. Trading was volatile due to expiry of weekly index options on the NSE.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 87.1 points or 0.15% to 59,020.09. The Nifty 50 index declined 19.40 points or 0.11% to 17,492.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.72% while the S&P BSE Small-Cap index shed 0.18%.

The market breadth was negative. On the BSE, 1,473 shares rose and 1,758 shares fell. A total of 177 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was down 0.10% to 17.47. The Nifty 27 October 2022 futures were trading at 17,457.35, at a discount of 35.5 points as compared with the spot at 17,492.85.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 56.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 44.5 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.91% to 28,317. The index had declined 0.90% to end at 28,060.35 yesterda.

HCL Technologies (up 1.59%), Tech Mahindra (up 0.96%), Persistent Systems (up 0.89%), L&T Technology Services (up 0.86%), Tata Consultancy Services (up 0.83%), Wipro (up 0.74%), Infosys (up 0.69%) and Mphasis (up 0.67%) advanced.

Stocks in Spotlight:

Delhivery said that Express Parcel volumes remained stable in Q2 and picked up towards the end of the quarter, driven by festive season sales, especially in the Heavy Goods category. The overall service line volumes for the Express Parcel business grew in the high teens in Q2 FY23 over a large base of the same quarter last year (Q2 FY22). While the festive season sale surge in shipment volumes will spill over to Q3 FY22 as well, the company anticipates moderate growth in shipment volumes through the rest of the financial year. In Q1 FY23, the Express Parcel business accounted for 60% of Delhivery's revenue.

Adani Transmission rose 1.56% to Rs 3189.10 after the company said it emerged as the successful bidder in the BEST Undertaking's recently concluded tender for appointment of advanced metering infrastructure (AMI) service provider.

Shoppers Stop reported a consolidated net profit of Rs 16.20 crore in Q2 FY23 compared with net loss of Rs 3.58 crore in Q2 FY22. Consolidated net sales jumped 57.7% to Rs 1,012.74 crore crore in the quarter ended September 2022 as against Rs 642.07 crore recorded in the corresponding last year.

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