Indices came off the days high; IT shares rally for 5th day

The headline equity benchmarks pared some gains and traded in positive terrain in morning trade. The Nifty traded below the 24,300 level. IT shares witnessed buying demand for the fifth consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex jumped 456.10 points or 0.58% to 79,561.98. The Nifty 50 index added 129.95 points or 0.54% to 24,273.70.

In the broader market, the S&P BSE Mid-Cap index gained 0.75% and the S&P BSE Small-Cap index rose 0.82%.

The market breadth was strong. On the BSE, 2,236 shares rose and 1,322 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty IT index gained 1.87% to 40,472.90. The index rallied 5.26% in five consecutive trading sessions.

Mphasis (up 4.97%), L&T Technology Services (up 4.37%), LTIMindtree (up 3.12%), Coforge (up 2.58%), Tata Consultancy Services (up 2.4%), Wipro (up 2.3%), Persistent Systems (up 2.09%), Tech Mahindra (up 1.77%), HCL Technologies (up 1.35%) and Infosys (up 0.78%) advanced.

Stocks in spotlight :

Spicejet declined 1.51% after the company's consolidated net profit declined 19.8% to Rs 158 crore during the quarter as compared with Rs 197 crore posted in corresponding quarter last year. Revenue fell 15% to Rs 1,708 crore in Q1 FY25.

Sunteck Realty added 1.48% after the company reported consolidated net profit of Rs 23 crore in Q1 FY25 as compared with net loss of Rs 7 crore in Q1 FY24. Revenue soared to Rs 316 crore in Q1 FY25 as compared with Rs 71 crore in same quarter last year.

Paras Defence and Space Technologies was locked in 5% upper circuit after Controp-Paras Technologies, an associate company of Paras Defence and Space Technologies has received an order from Larsen and Toubro (L&T) valued at approximately Rs 305 crore.