Nifty trades below 25,150 mark; IT shares slide for 4th day
IT shares witnessed selling pressure for fourth consecutive trading session.
At 10:25 IST, the barometer index, the S&P BSE Sensex declined 151.53 points or 0.19% to 82,348.39. The Nifty 50 index lost 35.25 points or 0.13% to 25,119.35.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.58% and the S&P BSE Small-Cap index added 0.45%.
The market breadth was positive. On the BSE, 2,022 shares rose and 1,681 shares fell. A total of 229 shares were unchanged.
Results Today:
HCLTech, Ola Electric, Rallis India, Tata Technologies, Tejas Networks, Kesoram Industries will announce their quarterly results later today.
Economy:
India's forex reserves dropped by USD 3.049 billion to USD 699.736 billion in the week ended July 4, the RBI said on Friday.
For the week ended July 4, foreign currency assets, a major component of the reserves, dropped by USD 3.537 billion to USD 591.287 billion, the data released on Friday showed.
The gold reserves were up by USD 342 million to USD 84.846 billion during the week, the RBI said.
India's reserve position with the IMF jumped by USD 107 million to USD 4.735 billion in the reporting week, the apex bank data showed.
New Listing:
Shares of Travel Food Services were currently trading at Rs 1,101.10 at 10:13 IST on the BSE, representing a premium of 0.10% compared with the issue price of Rs 1,100.
The scrip was listed at Rs 1,126.20, exhibiting a premium of 2.38% to the issue price.
So far, the stock has hit a high of 1,128.90 and a low of 1,086. On the BSE, over 2.34 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty IT Index fell 0.82% to 37,383.85. The index fell 4.1% for the fourth straight trading session.
HCL Technologies (down 1.4%), Infosys (down 1.1%), Tech Mahindra (down 1.05%), LTIMindtree (down 0.99%), Wipro (down 0.79%), Tata Consultancy Services (down 0.65%) and Mphasis (down 0.46%), Persistent Systems (down 0.11%) declined.
Stocks in Spotlight:
Housing & Urban Development Corporation (HUDCO) rose 1.76% after the company announced that it has signed a memorandum of understanding (MoU) with Madhya Pradesh Urban Development Company (MPUDCL) in Indore.
Organic Recycling Systems surged 10.58% after the company announced that its wholly owned subsidiary Solapur Bioenergy Systems has been awarded an operations and maintenance (O&M) contract by Indian Oil Corporation (IOCL).
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