Nifty below 24,850 mark; IT shares slides

The key equity benchmarks pared gains and traded with minor losses in the mid-afternoon trade. The Nifty traded below the 24,850 mark after hitting the days high of 24,999.75 in afternoon trade. IT shares declined after advancing in the past trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 117.02 points or 0.13% to 81,215.52. The Nifty 50 index shed 29.52 points or 0.12% to 24,805.60.

The Sensex and Nifty clocked an all-time high of 81,908.43 and 24,999.75, respectively in early-afternoon trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.72% and the S&P BSE Small-Cap index gained 1.06%. The S&P BSE Small-Cap index hit an all-time high at 55,066.48.

The market breadth was positive. On the BSE, 2,326 shares rose and 1,690 shares fell. A total of 143 shares were unchanged.

Economy:

Indias forex reserves jumped by $4.00 billion to hit an all-time high of $670.86 billion as of July 19, data shared by the Reserve Bank of India (RBI) showed on Friday.

According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) increased by $2.57 billion to $588.05 billion.

Gold reserves expanded by $1.32 billion to $59.99 billion, whereas SDRs were up by $95 million to $18.20 billion.

Reserve position in the IMF was remained unchanged at $4.60 billion.

Buzzing Index:

The Nifty IT index fell 0.65% to 40,709.25. The index gained 2.30% in the past trading session.

Mphasis (down 3.65%), Tech Mahindra (down 1.18%), Infosys (down 0.54%), HCL Technologies (down 0.51%), Coforge (down 0.34%), LTIMindtree (down 0.28%), L&T Technology Services (down 0.25%), Tata Consultancy Services (down 0.25%) and Persistent Systems (down 0.06%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal rallied 1.38% to 7.036 as compared with previous close 6.940

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.7375, compared with its close of 83.7350 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement rose 0.36% to Rs 68,434.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 104.52.

The United States 10-year bond yield fell 0.81% to 4.167.

In the commodities market, Brent crude for September 2024 settlement added 7 cents or 0.09% to $80.35 a barrel.

Stocks in Spotlight:

Adani Wilmar surged 6.21% after the company reported a consolidated net profit of Rs 313.20 crore in Q1 FY25 as against a net loss of Rs 78.92 crore posted in Q1 FY24. The company achieved revenue of Rs 14,169 crore in Q1 FY25, driven by 12% YoY volume growth.

City Union Bank jumped 5.63% after the private sector bank's net profit rose 16.38% to Rs 264.49 crore on 8.45% increase in total income to Rs 1,580.77 crore in Q1 FY25 over Q1 FY24.

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