Sensex slides 270 pts; IT shares lag; Infosys slides over 5%

The domestic equity indices traded with moderate losses in the morning trade. The Nifty traded below the 23,300 level. IT shares extended losses for the two consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, declined 269.72 points or 0.35% to 76,781.09. The Nifty 50 index lost 49.50 points or 0.21% to 23,262.30.

In the broader market, the S&P BSE Mid-Cap index added 0.35% and the S&P BSE Small-Cap index rose 0.06%.

The market breadth was positive. On the BSE, 1,831 shares rose and 1,389 shares fell. A total of 125 shares were unchanged.

Result Today:

Tech Mahindra (up 0.83%), Wipro (down 1.74%), ICICI Lombard General Insurance Co (up 2.45%), Indian Hotels Co (up 0.77%), Jio Financial Services (up 0.96%), 5Paisa Capital (down 1.08%), Aether Industries (up 0.96%), Concord Enviro Systems (up 3.50%), Ganesh Housing Corp (down 0.18%), Mamata Machinery (up 1.96%), Rajoo Engineers (up 0.98%), Rallis India (up 1.80%), Ramkrishna Forgings (down 1.25%), Sanathan Textiles (down 0.79%), SBI Life Insurance Co (up 1.06%), Seshasayee Paper & Boards (down 0.30%), SG Finserve (up 1.20%), Supreme Petrochem (up 0.20%), Steel Strips Wheels (down 1.37%), Sterlite Technologies (up 1.30%), Swaraj Engines (up 0.58%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty IT index declined 2.37% to 42,163.35. The index slipped 2.85% in two consecutive trading sessions.

Infosys (down 5.49%), LTIMindtree (down 3.35%), Tata Consultancy Services (down 1.69%), Wipro (down 1.6%) and Persistent Systems (down 1.39%), HCL Technologies (down 1.11%), Coforge (down 1.05%), Mphasis (down 0.67%) declined.

On the other hand, L&T Technology Services (up 1.25%) ,Tech Mahindra (up 0.15%) added.

Infosys tumbled 5.46%. The company reported 4.61% rise in consolidated net profit to Rs 6,806 crore on a 1.89% increase in revenues to Rs 41,764 crore in Q3 FY25 over Q2 FY25. The total contract value (TCV) of large deal wins was $2.5 billion in Q3 of FY25, with a net new of 63%. It has raised FY25 guidance to 4.5%5% in constant currency.

Stocks in Spotlight:

Jubilant Pharmova fell 1.88%. The company said that the solid oral formulations facility of its subsidiary, Jubilant Cadista Pharmaceuticals Inc., which is located at Salisbury, Maryland, USA, has received five observations from the US FDA.

HFCL added 1.86% after the company secured an advance work order (AWO) of approximately Rs 2,501.30 crore from Bharat Sanchar Nigam (BSNL) to construct a middle mile network in Punjab.

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