Barometers turn rangebound; IT shares under pressure

The headline equity indices continued to trade in a narrow range with major losses in mid-afternoon trade. The Nifty traded below the 24,800 level. IT shares extended losses for the second consecutive trading session.

At 13:30 IST, the barometer index, the S&P BSE Sensex declined 784.08 points or 0.96% to 81,083.47. The Nifty 50 index dropped 249.20 points or 1% to 24,761.70.

In the broader market, the S&P BSE Mid-Cap index declined 0.84% and the S&P BSE Small-Cap index fell 0.30%.

The market breadth was negative. On the BSE, 1,693 shares rose and 2,169 shares fell. A total of 131 shares were unchanged.

Buzzing Index:

The Nifty IT index dropped 2.19% to 39,818.45. The index fell 2.52% in two consecutive trading sessions.

Wipro (down 2.95%), Coforge (down 2.74%), Tata Consultancy Services (down 2.59%), Persistent Systems (down 2.56%), Tech Mahindra (down 2.09%), Mphasis (down 2.09%), LTIMindtree (down 2.01%), HCL Technologies (down 1.69%), Infosys (down 1.69%) and L&T Technology Services (down 0.12%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal grew 1.58% to 7.025 as compared with previous close 7.036.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.7450, compared with its close of 83.7375 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.64% to Rs 70,100.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 104.22.

The United States 10-year bond yield fell 0.66% to 3.949.

In the commodities market, Brent crude for September 2024 settlement gained 44 cents or 0.55% to $79.96 a barrel.

Stocks in Spotlight:

TTK Healthcare added 1.95% after the companys consolidated net profit surged to Rs 31.57 crore in Q1 FY25 as compared with Rs 15.66 crore posted in corresponding quarter last year. Revenue from operations increased 2.86% YoY to Rs 207.90 crore in Q1 FY25.

G R Infraprojects slipped 4.81% after the company's consolidated net profit tumbled 49.83% to Rs 155.45 crore in Q1 FY25 as compared to Rs 309.84 crore recorded in corresponding quarter previous year. Revenue from operations fell 18.07% year on year (YoY) to Rs 2,030.30 crore in the quarter ended 30 June 2024.

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