Sensex, Nifty pare gains; IT shares rally for 5th day

The key equity benchmarks reversed all gains and traded with small losses in the morning trade. The Nifty traded below the 24,200 level. IT shares extended gains for the fifth consecutive trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex was down 95.41 points or 0.11% to 80,036.56. The Nifty 50 index shed 23.55 points or 0.10% to 24,198.35.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index added 0.29% and the S&P BSE Small-Cap index rose 0.33%.

The market breadth was strong. On the BSE, 2,149 shares rose and 1,365 shares fell. A total of 197 shares were unchanged.

Buzzing Index:

The Nifty IT index rose 1.04% to 44,071.20. The index advanced 6.43% in the five consecutive trading sessions.

Infosys (up 2.22%), LTIMindtree (up 1.66%), Tech Mahindra (up 1.47%), Persistent Systems (up 1.23%), L&T Technology Services (up 1.13%), Wipro (up 1.07%), HCL Technologies (up 1%), Mphasis (up 0.86%), Coforge (up 0.61%) and Tata Consultancy Services (up 0.5%) edged higher.

Stocks in Spotlight:

Ashoka Buildcon jumped 3.58% after the company announced that it has received a Letter of Award (LOA) valued at Rs 1,391 crore from the National Highways Authority of India (NHAI).

SBFC Finance shed 0.86%. The company said that it has received a certificate of registration from the Insurance Regulatory and Development Authority of India (IRDAI) to act as a corporate agent under the Insurance Act 1938.

Sagility India rallied 6.66% after the companys consolidated net profit surged 235.46% to Rs 117.34 crore during the quarter as compared with Rs 34.96 crore in Q2 FY24. Revenue from operations increased 21.11% to Rs 1,325.04 crore during the quarter.

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