Nifty drops below 24,400 level; IT shares slump

The key equity benchmarks traded with minor losses in early trade as investors remained cautious ahead of the release of domestic inflation data later today. Market participants are also assessing a slew of Q1 FY27 earnings announcements, with sector- and stock-specific movements remaining in focus amid the ongoing earnings season. Investors are also keeping a close watch on the progress of the monsoon, which remains an important factor for the broader economic outlook.

The Nifty slipped below the 24,400 level, while sentiment remained subdued amid a lack of strong directional cues. Investors continued to monitor movements in crude oil prices and developments on the global geopolitical front for further indications on the market's near-term trajectory.

IT shares declined after attracting buying interest for three consecutive trading sessions, as investors booked profits following the recent gains.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 331.80 points or 0.42% to 77,827.04. The Nifty 50 index fell 95.80 points or 0.39% to 24,375.40.

In the broader market, the BSE 150 MidCap Index declined 0.20% and the BSE 250 SmallCap Index added 0.15%.

The market breadth was negative. On the BSE, 1,702 shares rose and 2,045 shares fell. A total of 245 shares were unchanged.

Earnings Today:

Tata Motors(up 1.02%), Grasim Industries(up 1.65%), Apollo Hospitals Enterprise(down 1.56%), Lenskart Solutions(rose 0.49%), Hindustan Aeronautics(down 0.31%), Arvind, (up 0.12%), Astral(up 0.82%), Aditya Infotech(up 0.98%), EID Parry India(down 0.73%), EMS(down 1.71%), GMR Airports(down 2.18%), Indiqube Spaces(down 2.73%), Indian Railway Catering and Tourism Corporation(up 0.22%) will declare their Q1 results later today.

Buzzing Index:

The Nifty IT index declined 0.92% to 31,350.95. The index rose 2.3% in the past three consecutive trading sessions.

LTM (down 1.39%), Mphasis (down 1.21%), Persistent Systems (down 1.2%), Coforge (down 1%), Tata Consultancy Services (down 0.79%), Oracle Financial Services Software (down 0.52%), Infosys (down 0.51%), Wipro (down 0.46%), HCL Technologies (down 0.3%) declined.

Stocks in Spotlight:

Divgi Torqtransfer Systems surged 14.35% after the company reported strong financial performance for Q1 FY27. On a standalone basis, profit after tax jumped 183.15% year on year to Rs 25.2 crore in Q1 FY27 from Rs 8.9 crore in Q1 FY26. Revenue from operations rose 91.21% year on year to Rs 137.1 crore in Q1 FY27 from Rs 71.7 crore in Q1 FY26.

Delta Corp fell 1.97% after the company reported a consolidated net loss of Rs 212.42 crore in Q1 FY27, compared with a net profit of Rs 29.46 crore in Q1 FY26. Revenue from operations declined 8.48% YoY to Rs 168.55 crore from Rs 184.17 crore.

Bata India rallied 3.12% after the company reported 23% jump in consolidated net profit to Rs 63.98 crore on a 3.9% rise in revenue to Rs 978.95 crore in Q1 FY27 as compared with Q1 FY26.

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