Indices trade with modest cuts; IT shares under pressure

The domestic equity indices traded with modest losses in morning trade. The Nifty traded below the 21,650 mark. IT shares declined after rising in past two trading sessions.

At 10:32 IST, the barometer index, the S&P BSE Sensex, tumbled 483.97 points or 0.68% to 71,071.22. The Nifty 50 index slipped 131.10 points or 0.60% to 21,612.15.

In the broader market, the S&P BSE Mid-Cap index declined 0.01% and the S&P BSE Small-Cap index rose 0.46%.

The market breadth was negative. On the BSE, 1,893 shares rose and 1,656 shares fell. A total of 143 shares were unchanged.

New Listing:

Shares of Rashi Peripherals were currently trading at Rs 326.40 at 10:35 IST on the BSE, representing a premium of 4.95% as compared with the issue price of Rs 311.

The scrip was listed at Rs 335, exhibiting a premium of 7.72% to the issue price. So far, the stock has hit a high of 342.50 and a low of 320.05. On the BSE, over 10.32 lakh shares of the company were traded in the counter so far.

Shares of Capital Small Finance Bank (SFB) were currently trading at Rs 450 at 10:30 IST on the BSE, representing a discount of 3.85% as compared with the issue price of Rs 468.

The scrip was listed at Rs 435, exhibiting a discount of 7.05% to the issue price. So far, the stock has hit a high of 462.95 and a low of 421.10. On the BSE, over 1.15 lakh shares of the company were traded in the counter so far.

Shares of Jana Small Finance Bank (SFB) were currently trading at Rs 394.95 at 10:19 IST on the BSE, representing a discount of 4.60% as compared with the issue price of Rs 414.

The scrip was listed at Rs 396, exhibiting a discount of 4.35% to the issue price. So far, the stock has hit a high of 408.80 and a low of 385.10. On the BSE, over 1.63 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index declined 1.78% to 37,525.05. The index advanced 1.34% in past two trading sessions.

L&T Technology Services (down 4.14%), Mphasis (down 2.49%), Infosys (down 2.38%), Tech Mahindra (down 1.95%), LTIMindtree (down 1.84%), Wipro (down 1.62%), Coforge (down 1.34%), Tata Consultancy Services (down 1.31%), Persistent Systems (down 0.87%) and HCL Technologies (down 0.76%) edged lower.

Stocks in Spotlight:

Indian Railway Catering and Tourism corporation (IRCTC) rose 0.70% after the company reported 17.4% increase in net profit to Rs 299.99 crore in Q3 FY24 as compared with Rs 255.52 crore posted in Q3 FY23. Revenue from operations jumped 21.81% to Rs 1,118.30 crore in Q3 FY24 as compared with Rs 918.06 crore in Q3 FY23.

Godrej Properties declined 0.47%. The company said that it has acquired approximately 12.5 acre of land in Rajendra Nagar in Hyderabad with a revenue potential of approximately Rs 3,500 crore.

MTAR Technologies tumbled 10.97% after the company`s consolidated net profit declined 66.88% to Rs 10.4 crore in Q3 FY24 as compared with Rs 31.4 crore in Q3 FY23. Revenue from operations fell 26.09% to Rs 118.38 crore in Q3 FY24 as compared with Rs 160.16 crore in Q3 FY23.

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