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Market Commentary - Mid-Session
Nifty slips below 23,450; IT shares tumble As on : 18-Nov-24  10:40

The frontline indices traded with substantial losses in morning trade. The Nifty traded below the 23,450 mark. IT shares declined after advancing in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex dropped 465.41 points or 0.61% to 77,114.98. The Nifty 50 index lost 129.40 points or 0.55% to 23,403.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.50% and the S&P BSE Small-Cap index slipped 0.93%.

The market breadth was weak. On the BSE, 1,359 shares rose and 2,429 shares fell. A total of 166 shares were unchanged.

Buzzing Index:

The Nifty IT index slipped 2.43% to 41,359.30. The index shed 0.56% in the past trading session.

Wipro (down 3.57%), LTIMindtree (down 3.53%), Infosys (down 2.58%), Tata Consultancy Services (down 2.49%), Tech Mahindra (down 2.39%), Coforge (down 2.02%), L&T Technology Services (down 1.90%), Persistent Systems (down 1.73%), HCL Technologies (down 1.70%) and Mphasis (down 1.17%) declined.

Stocks in Spotlight:

Suraj Estate Developers shed 0.43%. The company has reported 88.1% jump in consolidated net profit to Rs 31.8 crore in Q2 FY25 from Rs 16.9 crore posted in Q2 FY24. Total income rose by 5.7% year-over-year (YoY) to Rs 109.6 crore in the second quarter.

Glenmark Pharmaceuticals rose 0.37%. The company reported consolidated net profit from continuing operations of Rs 354.49 crore in Q2 FY25 as against net loss of Rs 180.3 crore in Q2 FY24. Revenue from operations increased 2.29% year on year (YoY) to Rs 3,133.79 crore in the quarter ended 30 September 2024.

Grasim Industries added 0.51%. The company reported 66.5% drop in consolidated net profit to Rs 389.90 crore in Q2 FY25 as compared with Rs 1,163.75 crore posted in Q2 FY24. Revenue from operations increased 11.06% YoY to Rs 33,562.85 crore in second quarter of FY25, driven by the superior performance of financial services, cellulosic staple fibre and specialty chemicals businesses.

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