Market Commentary - Mid-Session
Nifty scale above 25,100; IT shares rally for 4th day As on : 29-Aug-24  10:37

The key equity indices traded with modest gains in morning trade. The Nifty traded above the 25,100 level after hitting the day's low of 25,017.50 in early trade. IT shares extended gains for the fourth consecutive trading session. Trading could be volatile due to August F&O series expiry today.

At 10:30 IST, the barometer index, the S&P BSE Sensex was up 238.94 points or 0.29% to 82,024.35. The Nifty 50 index added 55.50 points or 0.22% to 25,107.85.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.12% and the S&P BSE Small-Cap index fell 0.16%.

The market breadth was negative. On the BSE, 1,743 shares rose and 1,862 shares fell. A total of 160 shares were unchanged.

Buzzing Index:

The Nifty IT index gained 0.55% to 42,627.30. The index rallied 3.74% in four consecutives trading sessions.

HCL Technologies (up 1.12%), Wipro (up 0.92%), Tata Consultancy Services (up 0.80%), Tech Mahindra (up 0.74%), L&T Technology Services (up 0.50%), Persistent Systems (up 0.45%), Infosys (up 0.33%) and Coforge (up 0.01%) advanced.

On the other hand, LTIMindtree (down 0.45%) and Mphasis (down 0.06%), edged lower.

Stocks in Spotlight:

Genus Power Infrastructures was locked in 5% upper circuit after the company said that its wholly owned subsidiary has received three letter of award (LoA) of Rs 4,469.04 crore for appointment as AMISP.

Procter & Gamble Hygiene & Health Care slipped 2.83% after the company's standalone net profit declined 46.4% to Rs 81.06 crore in the quarter ended 30 June 2024 as compared with Rs 151.24 crore posted in same quarter last year. Revenue increased 9.3% YoY to Rs 927.43 crore during the quarter.

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