Market Commentary - Mid-Session
Sensex, Nifty pare gains; IT shares advance As on : 01-Oct-24  10:32

The domestic equity benchmarks pared all gains and traded with minor losses in morning trade. The Nifty traded below the 25,800 level. IT shares advanced after declining for the past trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 3.32 points or 0.01% to 84,298.60. The Nifty 50 index fell 13.15 points or 0.05% to 25,794.15.

In the broader market, the S&P BSE Mid-Cap index shed 0.12% and the S&P BSE Small-Cap index added 0.27%.

The market breadth was strong. On the BSE, 2,265 shares rose and 1,324 shares fell. A total of 166 shares were unchanged.

Due to the observance of Mahatma Gandhi Jayanti on Wednesday, 2 October 2024, the domestic market will be closed.

Economy:

India's fiscal deficit remained under control during April-August, reaching 27% of the full-year target. This containment was attributed to muted spending in the early months of the fiscal year. The government's spending has been lower due to general elections. In comparison, the deficit stood at a higher 36% during the same period in FY24.

Buzzing Index:

The Nifty IT index added 0.91% to 42,329.55. The index declined 0.87% in the past trading sessions.

Tech Mahindra (up 3.16%), Infosys (up 1.53%), Wipro (up 1.1%), Mphasis (up 1.1%) and Coforge (up 0.91%), Persistent Systems (up 0.54%), HCL Technologies (up 0.08%), LTIMindtree (up 0.06%), L&T Technology Services (up 0.01%) edged higher.

Stocks in Spotlight:

India Glycols advanced 7.86% after the company has increased its grain-based distillery capacity by 100 KLPD at Kashipur, Uttarakhand and added 180 KLPD to its existing bio-fuel ethanol plant at the same location. Additionally, it has expected its facilities for new value-added chemicals products by 2500 MTPA in Kashipur, Uttarakhand.

IPCA Laboratories fell 1.11% after the company's subsidiary, Bayshore will sell nine ANDAs to US-based Unichem for $2.65million, along with its generic business for $10 million.

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