Indices decline for 2nd day; IT shares tumble over 1%

The key equity benchmarks ended with modest losses today, extending losses for the second consecutive trading session, as investor sentiment remained subdued amid persistent global headwinds. The Nifty settled below the 24,950 mark after hitting the days high of 25,062.95 in morning trade.

Realty, PSU bank and pharma shares advanced while IT, media and oil & gas shares declined.

As per closing provisional data, the barometer index, the S&P BSE Sensex, declined 271.17 points or 0.33% to 82,059.421. The Nifty 50 index fell 74.35 points or 0.30% to 24,945.45. In the past two trading session Sensex and Nifty declined 0.57% and 0.47%.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index jumped 0.75%.

The market breadth was strong. On the BSE, 2,524 shares rose and 1,572 shares fell. A total of 177 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 4.86% to 17.36.

Buzzing index:

The Nifty IT index declined 1.30% to 37,451.60. The index declined 2.2% in the two consecutive trading session

Mphasis (down 2.52%), Infosys (down 2%), Coforge (down 1.71%), Tech Mahindra (down 1.28%), Tata Consultancy Services (down 1.23%), Wipro (down 1.05%), Oracle Financial Services Software (down 0.94%), LTIMindtree (down 0.66%), HCL Technologies (down 0.64%), and Persistent Systems (down 0.55%) declined.

Stocks in Spotlight:

Divis Laboratories rallied 4.44% after the pharma majors consolidated net profit jumped 23.04% to Rs 662 crore in Q4 FY25 as against Rs 538 crore recorded in Q4 FY24. Revenue from operations grew by 12.24% year on year (YoY) to Rs 2,585 crore in the quarter ended 31 March 2025.

Banco Products (India) hit an upper circuit of 20% after the company's consolidated net profit soared 125.20% to Rs 153.50 crore in Q4 FY25 as against Rs 68.16 crore posted in Q4 FY24. The companys revenue from operations jumped 21.04% YoY to Rs 868.40 crore in the quarter ended 31 March 2025.

Heritage Foods tumbled 4.69% after its consolidated net profit slipped 5.74% to Rs 38.16 crore in Q4 FY25 as against Rs 40.49 crore in Q4 FY24. However, revenue from operations jumped 10.30% year on year to Rs 1,048.5 crore in Q4 FY25.

Bharat Bijlee tanked 10.46%. The company reported a standalone net profit of Rs 50.31 crore in Q4 FY25, up 3.66% as against Rs 48.53 crore in Q4 FY24. Revenue from operations jumped 5.38% year on year to Rs 619.10 crore in the fourth quarter of FY25.

Data Patterns (India) fell 2.30%. The companys standalone net profit surged 60.45% to Rs 114.08 crore in Q4 FY25 as against Rs 71.10 crore posted in Q4 FY24. The companys revenue from operations zoomed 117.35% YoY to Rs 396.21 crore in the quarter ended 31 March 2025.

Delhivery surged 9.97% after the company reported a consolidated net profit of Rs 72.56 crore in Q4 FY25, compared with net loss of Rs 68.47 crore in Q4 FY24. Revenue from operations increased 5.6% YoY to Rs 2,191.57 crore in Q4 FY25.

HFCL rose 1.44% after the government issued draft rules to open up the lower 6GHz band for unlicensed use, a move that could supercharge Indias ambitions for 6G and next-generation Wi-Fi deployment.

Kalpataru Projects International added 2.57% after the companys consolidated net profit jumped 37.2% to Rs 225.41 crore on 18.3% increase in revenue from operations to Rs 7066.77 crore in Q4 FY25 over Q4 FY24.

Protean eGov Technologies hit the lower circuit of 20% after the company announced that it has not been shortlisted for the next round of bidding in the Income Tax Departments PAN 2.0 project.

In an exchange filing, the company disclosed that the Income Tax Department (ITD) has issued a Request for Proposal (RFP) inviting bids for the selection of a Managed Service Provider (MSP) for the design, development, implementation, operations, and maintenance of its upgraded PAN infrastructure.

Shares of graphite electrode makers Graphite India and HEG surged by 14.99% to 7.84% after the media reported that Japan's Resonac Holdings will shut down production units in China and Malaysia due to sustained margin pressure.

Global Markets:

Dow Jones futures were down 348 points on Monday, indicating a weak opening for U.S. equities. The decline followed Moodys decision to downgrade the U.S. sovereign credit rating from AAA to AA1 on Friday, citing concerns over the countrys rising debt burden, which currently stands at approximately $36 trillion. The ratings agency also noted that proposed tax cuts by President Donald Trump could further strain fiscal conditions.

The downgrade was met with criticism from the Trump administration, which pointed to initiatives aimed at reducing government spending. Among them is the Department of Government Efficiency, led by Elon Musk. However, progress on these initiatives has been limited so far.

European shares fell on Monday as investors turned their attention to several key geopolitical developments impacting the region. First, theres the much-anticipated U.K.-EU summit taking place in London on Monday. Later, U.S. President Donald Trump will be holding a call with Russias President Vladimir Putin

Most Asian stocks ended lower, influenced by the U.S. credit downgrade and mixed economic data from China. The momentum from last weeks rally, driven by easing tensions in the U.S.-China tariff dispute, faded toward the end of the week.

Recent data from China showed: Industrial production increased by 6.1% year-on-year in April, surpassing expectations but slowing from the previous months 7.7% growth. Retail sales rose by 5.1% y-o-y, below the 5.9% growth seen in March. Fixed asset investment grew by 4.0% y-o-y, missing expectations due to continued business uncertainty amid trade tensions.

On Friday, U.S. equities ended higher. The Dow Jones Industrial Average rose 0.78%, reaching a one-month high. The S&P 500 gained 0.70%, and the NASDAQ Composite added 0.52%. Gains were led by the healthcare, utilities, and telecommunications sectors.

However, sentiment data released the same day showed weakness. The University of Michigans preliminary consumer sentiment index for May came in at 50.8, down from 52.2 in April and below the forecasted increase to 53.4.

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