The frontline indices pared early gains and traded with minor losses in morning trade. The Nifty traded below the 22,500 level after hitting the day's high of 22,620.40 in early trade. IT shares witnessed buying demand for the second consecutive trading session. At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 160.29 points or 0.22% to 74,177.60. The Nifty 50 index lost 37.15 points or 0.16% to 22,533.20.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.49% and the S&P BSE Small-Cap index added 0.27%.
The market breadth was positive. On the BSE, 1,944 shares rose and 1,466 shares fell. A total of 189 shares were unchanged.
Politics:
The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi's re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.
Results Today :
Maruti Suzuki India (up 0.43%), HCL Technologies (up 1.11%), Aditya Birla Sun Life AMC (down 0.08%), Bajaj Finserv (down 3.03%), SBI Life Insurance Company (down 0.05%), Shriram Finance (up 1.26%), Bajaj Holdings & Investment (down 0.81%), CSB Bank (up 0.43%), Eveready Industries India (up 5.93%), Force Motors (down 1.19%), Indiabulls Real Estate (down 0.22%), Bank of Maharashtra (up 0.75%), Mastek (up 1.83%), Motilal Oswal Financial Services (down 0.73%), and SBI Cards and Payment Services (up 0.34%) will announce their quarterly earnings later in the day.
Buzzing Index:
The Nifty IT Index gained 1.59% to 34,089.55. The index rallied 1.93% in two consecutive trading sessions.
Tech Mahindra (up 10.96%), Mphasis (up 4.25%), LTIMindtree (up 3.39%), Coforge (up 2.71%), Wipro (up 1.87%), Persistent Systems (up 1.55%), HCL Technologies (up 1.22%), Tata Consultancy Services (up 0.26%) and Infosys (up 0.13%) advanced.
Tech Mahindra surged 10.96% after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore in Q4 FY24 as against Rs 510.4 crore reported in Q3 FY24. Revenue from operations stood at Rs 12,871.3 crore in the March quarter, down 1.76% from Rs 13,101.3 crore recorded in the preceding quarter of FY24.
On a year on year (YoY) basis, Tech Mahindra's net profit dropped 40.86% while revenue fell 6.17% in Q4 FY24.
L&T Technology Services (LTTS) tumbled 8.42%. The IT major's consolidated net profit rose 1.4% to Rs 340.9 crore on 4.8% rise in revenue to Rs 2537.5 crore in Q4 FY24 over Q3 FY24.
Stocks in Spotlight:
Som Distilleries & Breweries added 1.17% after the company?s consolidated net profit jumped 17.97% to Rs 18.84 crore in Q4 FY24 as compared with Rs 15.97 crore in Q4 FY23.
Schaeffler India shed 0.83%. The company has reported 3.8% rise in standalone net profit to Rs 227.67 crore on a 9.2% increase in net sales to Rs 1,849.22 crore in Q4 FY24 as compared with Q4 FY23.
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