Sensex, Nifty turn marginally negative; IT shares rally for 2nd day

The key equity indices pared their early gains and slipped into negative territory in morning trade on Friday as investors turned cautious amid elevated crude oil prices and persistent inflation concerns. Market participants also assessed corporate earnings for further cues on the market's direction. The Nifty traded below the 22,950 mark ahead of the September quarter results of Reliance Industries and Jio Platforms, scheduled for release later in the day.

IT shares witnessed buying demand for second consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 15.11 points or 0.02% to 74,124.05. The Nifty 50 index shed 16.75 points or 0.08% to 22,918.65.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index rose declined 0.98% and the BSE 250 SmallCap Index fell 1.67%.

The market breadth was negative. On the BSE, 1,177 shares rose and 2,581 shares fell. A total of 228 shares were unchanged.

Earnings Today:

Reliance Industries (up 0.57%), Jio Platforms(down 1.69%), Bharat Electronics(down 1.48%), Sun Pharmaceutical Industries(up 1.42%), Bank of Baroda (down 0.77%), PB Fintech(down 0.92%), Delhivery (down 1.49%), Dixon Technologies (India) (down 3.20%), Indian Oil Corporation (down 0.81%), LIC Housing Finance(down 2.12%), Lodha Developers(down 0.33%), Max Healthcare Institute (down 0.22%), Network 18 Media & Investments, (down 1.78%), Narayana Hrudayalaya (down 0.17%), Varun Beverages(down 0.37%), and Zee Entertainment Enterprises (down 3.49%) will declare their results later today.

Buzzing Index:

The Nifty IT index jumped 1.42% to 32,319.55. extending its gains for the second consecutive trading session. The index has risen 2.43% over the past two sessions, reflecting sustained buying interest in IT stocks.

Coforge (up 3.7%), Wipro (up 2.26%), Infosys (up 1.82%), Persistent Systems (up 1.64%), HCL Technologies (up 1.43%), Tata Consultancy Services (up 1.4%), LTM (up 1.37%), Tech Mahindra (up 1.3%), Mphasis (up 0.14%) surged.

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