Indian Stock Indices Trade Higher as IT Sector Slips

Indian benchmark indices traded higher during today's market session, with the Nifty hovering around 23,450 while the Sensex gained 130 points and the VIX dropped by 2 percent. Technology stocks faced downward pressure, with the Nifty IT index slipping. Several individual companies saw notable stock movements. Motilal Oswal Financial Services shares rose 2.04 percent to trade at Rs 1,015.30. Brainbees Solutions recorded a significant share price increase of 4.31 percent, quoting at Rs 177.75 with high trading volumes reaching 289,806 shares. Meanwhile, Wipro shares touched a new 52-week low of Rs 163.25 on the BSE, trading down at Rs 164.07, and Voltas stock fell 2.15 percent to Rs 1,117.50. In major corporate updates, JPMorgan maintained an 'overweight' rating on Larsen & Toubro with a target price of Rs 5,060. L&T noted that West Asia continues without major disruptions and customers remain accommodating of conflict-related cost increases, though the ongoing conflict remains a business overhang. The company expects Indian public capital expenditure to pick up after consolidation while private capital expenditure gains traction through thermal power orders. L&T's strategic plan targets new businesses in data centres, green energy, and electronics manufacturing, aiming to double defence revenue by 2031 while focusing on return on equity, cash flows, and shareholder returns. Additionally, Snapdeal parent company AceVector set its IPO price band at Rs 30 to Rs 32 to raise Rs 420 crore. The initial public offering comprises a fresh issue of shares worth Rs 287 crore alongside an offer-for-sale of 4.15 crore equity shares worth Rs 133 crore by existing shareholders.