Benchmarks trade with modest cuts; IT shares under pressure

The key equity benchmarks continued to trade with moderate losses in morning trade. The Nifty hovered below the 24,300 level. IT shares extended losses for the two trading session. Trading could be volatile due to monthly F&O series expiry today.

At 10:30 ST, the barometer index, the S&P BSE Sensex, declined 287.41 points or 0.37% to 79,651.43. The Nifty 50 index fell 78.45 points or 0.32% to 24,262.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.35% and the S&P BSE Small-Cap index rose 0.61%.

The market breadth was strong. On the BSE, 2,296 shares rose and 888 shares fell. A total of 112 shares were unchanged.

Both, BSE and NSE will conduct the Muhurat trading session on Friday, 1 November, from 6:00 pm to 7:00 pm. While markets remain closed during the day, this evening session allows investors to make token investments, following a long-standing custom of trading during Diwali.

Result Today:

Narayana Hrudayalaya (up 1.13%), Tata Investment Corporation (up 0.75%), BF Investment (down 1.20%), BF Utilities (down 1.20%), Last Mile Enterprises (up 0.26%), and Sudarshan Pharma (up 0.09%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty IT index lost 2.74% to 40,526.35. The index declined 3.58% in the two trading sessions.

Tech Mahindra (down 3.77%), Persistent Systems (down 3.53%), Mphasis (down 3.23%), HCL Technologies (down 2.66%), L&T Technology Services (down 2.66%), Tata Consultancy Services (down 2.54%), Infosys (down 2.33%), Coforge (down 2.3%), Wipro (down 1.67%) and LTIMindtree (down 1.2%) slipped.

Stocks in Spotlight:

Rail Vikas Nigam (RVNL) added 1.17% after the company informed that it has received letter of acceptance (LoA) from East Coast Railway for construction project worth Rs 283.69 crore.

Jupiter Wagons gained 4.89% after the company's subsidiary acquired Log9's Railway and Electric Battery technology and business. Jupiter Electric Mobility (JEM), a subsidiary of JWL, announced a landmark acquisition of Log9s technology and business assets for its railway battery and electric truck battery divisions. The acquisition includes the engineering and production teams dedicated to railway and electric truck battery technologies, who will now become part of JEMs dynamic workforce. Additionally, JEM will acquire Log9s manufacturing facility located in Devanahalli, Bangalore.

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