Nifty slips below 25,000; IT shares decline

The frontline indices continued to trade with modest losses in early-afternoon trade. The Nifty traded below the 25,000 level after hitting days high of 25,093.40 in morning trade. IT shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 321.56 points or 0.39% to 81,498.56. The Nifty 50 index lost 97.70 points or 0.39% to 24,959.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.36% and the S&P BSE Small-Cap index lost 0.17%.

The market breadth was negative. On the BSE, 1,772 shares rose and 2,025 shares fell. A total of 136 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 2.99% to 13.39. The Nifty 31 October 2024 futures were trading at 25,002.65, at a premium of 43 points as compared with the spot at 24,959.65.

The Nifty option chain for the 31 October 2024 expiry showed maximum Call OI of 57.6 lakh contracts at the 26,000 strike price. Maximum Put OI of 43.6 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty IT index slipped 1.19% to 42,223.85. The index fell 1.51% in two consecutive trading sessions.

Coforge (down 3.61%), LTIMindtree (down 1.47%), Mphasis (down 1.29%), Infosys (down 1.06%), Tech Mahindra (down 1.06%), Tata Consultancy Services (down 0.98%), L&T Technology Services (down 0.75%), Persistent Systems (down 0.68%), HCL Technologies (down 0.48%) and Wipro (down 0.45%) declined.

Stocks in Spotlight :

PNC Infratech jumped 4.47% after the company received letters of acceptance from the Maharashtra State Road Development Corporation (MSRDC) for road projects on EPC mode aggregating to Rs 4,630 crore.

Akums Drugs and Pharmaceuticals rallied 3.04% after the company announced that it has entered into a license & distribution agreement with Triple Hair Inc, a company incorporated in New Brunswick, Canada.

KEI Industries tumbled 9.41%. The company reported 10.41% increase in consolidated net profit to Rs 154.81 crore in Q2 FY25 as against Rs 140.21 crore posted in Q2 FY24. Revenue from operations jumped 17.21% year on year (YoY) to Rs 2,279.65 crore in Q2 FY25.

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