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Indian equity indices traded near the day's low in mid-afternoon trade. The Nifty traded below the 18,800 level after hitting day's high of 18,886.60 in morning trade. IT shares witnessed profit booking after advancing in the past three trading session. Trading was volatile due to expiry of weekly index options on the NSE.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 235.78 points or 0.37% to 63,287.37. The Nifty 50 index lost 71.15 points or 0.38% to 18,785.70.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index fell 1.06% while the S&P BSE Small-Cap index declined 0.65%.
The market breadth was weak. On the BSE, 1,242 shares rose and 2,243 shares fell. A total of 133 shares were unchanged.
Fitch Ratings raised its forecast for India's economic growth to 6.3% for current fiscal year 2023-24 from 6% it had predicted previously. This is primarily because of a stronger outturn in the first quarter and near-term momentum.
Number to Track:
The yield on India's 10-year benchmark federal paper rose 0.23% to 7.083 from previous close of 7.067.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.9300, compared with its close of 82.0125 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement declined 0.32% to Rs 58,529.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was flat at 102.07.
The United States 10-year bond yield advanced 0.98% to 3.760.
In the commodities market, Brent crude for August 2023 settlement fell 54 cents or 0.70% to $76.58 a barrel.
Buzzing Index:
The Nifty IT index declined 0.75% to 28,808.60. The index witnessed profit booking after rising 1.53% in three trading sessions.
Persistent Systems (down 1.22%), Infosys (down 1.21%), Coforge (down 1.11%), Mphasis (down 1.08%) Wipro (down 0.78%), HCL Technologies (down 0.39%), L&T Technology Services (down 0.25%), Tata Consultancy Services (down 0.15%) declined.
On the other hand, LTIMindtree (up 0.11%) ,Tech Mahindra (up 0.01%) advanced.
Stocks in Spotlight:
Carborundum Universal (CUMI) rose 0.99%. The company announced that its board has approved the appointment of Sridharan Rangarajan as the managing director of the compay for a period of five years, with effect from 3 August 2023.
Shyam Metalics and Energy (SMEL) declined 1.74%. The company informed that it has commissioned production capacities at the manufacturing facility in Jamuria, West Bengal.
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