Benchmarks trade flat; IT shares decline

27 Oct 2022 , 02:27 PM

The domestic equity benchmarks traded near the flat line, with some positive bias, in mid-afternoon trade. The Nifty traded below the 17,700 level. IT shares witnessed some bit of profit booking after advancing in the past two sessions. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 42.21 points or 0.07% to 59,586.17. The Nifty 50 index gained 28.70 points or 0.16% to 17,685.05. In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index gained 0.26%. The market breadth was positive. On the BSE, 1,738 shares rose and 1,642 shares fell. A total of 135 shares were unchanged. Weak future revenue guidance from corporates across the globe fuelled fears of a worldwide economic slowdown. However, the Bank of Canadas lower-than-expected interest rate hike added hopes that the US Fed would go easy on the magnitude of rate hike at its upcoming policy meeting. Numbers to Track: The yield on Indias 10-year benchmark federal paper declined to 7.413 as compared with 7.442 at close in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.3300, compared with its close of 82.8100 during the previous trading session. MCX Gold futures for 5 December 2022 settlement gained 0.15% to Rs 50,765. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.10% to 109.81. The United States 10-year bond yield rose 1.15% to 4.061. In the commodities market, Brent crude for December 2022 settlement added 22 cents or 0.23% at $94.01 a barrel. Buzzing Index: The Nifty IT index shed 0.69% to 28,523.35. The index had advanced 1.36% in the past two sessions. Mphasis (down 3.06%), Larsen & Toubro Infotech (down 2.57%), Persistent Systems (down 1.67%), L&T Technology Services (down 1.21%) and Coforge (down 0.73%) were the top losers. Among the other losers were Tech Mahindra (down 0.6%), Wipro (down 0.36%), Tata Consultancy Services (down 0.09%) and Infosys (down 0.09%). Stocks in Spotlight: Kaveri Seed Company jumped 6.09% to Rs 484.80 after the companys board approved a proposal to buy back up to 17.95 lakh shares of the company at a price not exceeding Rs 700 per share. The maximum consideration payable in cash for the proposed buyback shall not exceed Rs 125,65,00,000, the company said. Crompton Greaves Consumer Electricals slipped 1.78% to Rs 371.45 after the company reported 27.2% decline in standalone net profit to Rs 124.05 crore on a 3.8% fall in revenue from operations to Rs 1331.61 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News