Barometers trade with moderate cuts; IT shares in demand

The key equity benchmarks traded with modest losses in the morning trade. The Nifty traded below the 23,450 mark. IT shares advanced after declining in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 275.21 points or 0.35% to 77,355.89. The Nifty 50 index fell 107.35 points or 0.46% to 23,419.35.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.49% and the S&P BSE Small-Cap index slipped 1.98%.

The market breadth was weak. On the BSE, 608 shares rose and 2,987 shares fell. A total of 134 shares were unchanged.

Result Today:

CESC (down 2.3%), Equinox India (down 1.26%), PCBL (down 2.40%), GNA Axles (down 3.03%), Just Dial (down 2.69%), Shah Metacorp (down 3.19%) and Swati Projects (down 5%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty IT index rallied 2.16% to 44,055.90. The index rose 0.97% in the previous trading session.

Tata Consultancy Services (up 3.75%), LTIMindtree (up 2.07%), Tech Mahindra (up 2.02%), Wipro (up 1.23%), Infosys (up 1.06%), Mphasis (up 0.76%), Persistent Systems (up 0.59%), HCL Technologies (up 0.32%) and Coforge (up 0.04%) advanced.

On the other hand, L&T Technology Services (down 0.86%) edged lower.

Tata Consultancy Services (TCS) rallied 4.95% after the company reported a 3.95% increase in consolidated net profit to Rs 12,380 crore in Q3 FY25 as compared with Rs 11,909 crore in Q2 FY25.

Stocks in Spotlight:

GTPL Hathway tumbled 8.32% after the companys consolidated net profit slipped 57.03% to Rs 10.17 crore in Q3 FY25 as compared with Rs 23.67 crore in Q3 FY24.

Indian Renewable Energy Development Agency (IREDA) declined 2.69%. The companys standalone net profit jumped 27% to Rs 425 crore on a 36% increase in revenue from operations to Rs 1,698 crore in Q3 FY25 over Q3 FY24.

Tata Elxsi tumbled 6.76% after the design-led technology service provider reported a 3.59% decline in net profit to Rs 199 crore on a 2.72% increase in revenue from operations to Rs 939.17 crore in Q3 FY25 over Q3 FY24.

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