Benchmarks trade sideways; IT shares gain

The key equity indices traded sideways in mid-afternoon trade. The Nifty hovered below the 23,200 level. IT shares edged higher after declining in the previous two trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, added 63.64 points or 0.08% to 76,564.33. The Nifty 50 index declined 10.35 points or 0.04% to 23,165.70.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index shed 0.03% and the S&P BSE Small-Cap index rallied 0.35%.

The market breadth was positive. On the BSE, 2,248 shares rose and 1,592 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty IT index added 0.45% to 43,297.75. The index slipped 3.37% in past two consecutive trading sessions.

Persistent Systems (up 4.2%), L&T Technology Services (up 2.79%), Tech Mahindra (up 1.62%), LTIMindtree (up 1.58%), HCL Technologies (up 0.72%), Infosys (up 0.52%), Coforge (up 0.08%) and Mphasis (up 0.02%) advanced.

On the other hand, Wipro (down 0.32%) and Tata Consultancy Services (down 0.18%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.41% to 6.927 as compared with previous close 6.843.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 86.4100, compared with its close of 86.5300 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement rose 0.41% to Rs 78,480.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 109.19.

The United States 10-year bond yield declined 0.19% to 4.779.

In the commodities market, Brent crude for March 2025 settlement rose 22 cents or 0.28% to $80.14 a barrel.

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