Nifty above 17,200; broader market outperforms

The main indices traded higher with small gains in early afternoon trade. The Nifty traded above the 17,200 mark. IT stocks continued to witness selling pressure.

At 12:33 IST, the barometer index, S&P BSE Sensex rose 124.22 points or 0.22% at 57,290.53. The Nifty 50 index gained 51.95 points or 0.3% at 17,225.95.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rose 0.88% and the S&P BSE Small-Cap index added 0.78%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 2,166 shares rose while 1,133 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 4.69% to 18.4275. The Nifty 28 April 2022 futures were trading at 17,281, at a premium of 36.45 point as compared with the spot at 17,244.55.

The Nifty option chain for 28 April 2022 expiry showed maximum Call OI of 31.6 lakh contracts at the 18,000 strike price. Maximum Put OI of 32 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty IT index slipped 0.57% to 32,595.40, extending its losing run to eighth trading session in a row. The IT index has lost 10.6% in eight days.

Larsen & Toubro Infotech (down 2.18%), Infosys (down 1.57%), HCL Technologies (down 0.57%), Tata Consultancy Services (down 0.38%), Wipro (down 0.18%) and Tech Mahindra (down 0.18%) were the top losers in IT space.

Mindtree dropped 1.95%. The L&T Group company reported an 8.1% rise in consolidated net profit to Rs 473.10 crore on a 5.4% increase in revenue to Rs 2897.40 crore in Q4 FY22 over Q3 FY22.

As compared to Q4 FY21, the company's consolidated net profit and revenue increased by 49.1% and 37.4%, respectively. EBITDA rose 2.7% quarter-on-quarter (QoQ) and 31.5% year-on-year (YoY) to Rs 608.30 crore in Q4 FY22. EBITDA margin was at 21% as in Q4 FY22 as against 21.5% in Q3 FY22 and 21.9% in Q4 FY21. The company's employee benefit expense jumped 6.35% QoQ and 33.38% YoY to Rs 1,750.30 crore in Q4 FY22. Its total headcount at the end of the March 2021 period stood at 35,071. The trailing 12-month attrition rate at the end of the quarter stood at 23.8% as against 21.9% in Q3 FY22 and 12.1% in Q4 FY21.

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