Infosys, Tech Mahindra and Wipro Lead Gains While Realty Stocks Slip; MTAR Technologies, MOIL Surge After Strong Quarterly Results

Indian equity benchmarks traded in a narrow range on Thursday as investors balanced optimism over strong earnings from select companies against weakness in the real estate and financial sectors. While the technology sector emerged as the biggest support for the market, profit booking in broader markets kept the gains in check.

A packed earnings calendar, multiple IPO launches and global developments surrounding the technology sector continued to dominate investor sentiment during the morning session.

Sensex, Nifty Hold Steady Amid Choppy Trade

At around 10:00 AM, benchmark indices were trading almost unchanged after witnessing volatility in early deals.

• BSE Sensex: 77,681.18, up 26.58 points (0.03%)

• NSE Nifty 50: 24,275.75, up 26 points (0.11%)

The indices fluctuated between gains and losses as investors remained cautious ahead of several key corporate earnings scheduled later in the day.

Market participants believe the current phase reflects stock-specific buying rather than broad-based optimism, with investors closely monitoring earnings quality and management commentary.

IT Stocks Continue to Outperform

Information technology stocks remained the strongest performers in Thursday's trade, helping benchmark indices stay in positive territory.

Among the top gainers on the Nifty 50 were:

• Infosys

• Tech Mahindra

• Wipro

The Nifty IT Index climbed more than 1%, outperforming all other sectoral indices.

Market experts attribute the buying interest in IT companies to expectations of stable global technology spending and optimism surrounding artificial intelligence-led demand. Investors also anticipate stronger deal pipelines from leading software exporters despite a mixed global macroeconomic environment.

Realty and Financial Shares Weigh on Market

While technology stocks gained, selling pressure in the real estate space capped the market's upside.

The Nifty Realty Index emerged as the worst-performing sector, with heavy selling seen in:

• Prestige Estates Projects

• Godrej Properties

• Oberoi Realty

Financial and banking shares also traded with a weak bias as investors preferred to wait for earnings announcements from several major lenders and NBFCs later in the day.

Broader Markets Under Pressure

Unlike the benchmark indices, broader markets remained under pressure throughout the morning session.

• Nifty MidCap Index: Down 0.31%

• Nifty SmallCap Index: Down 0.27%

The cautious movement suggests investors are selectively booking profits in mid-cap and small-cap counters after the recent rally.

Among the notable losers in the Nifty MidCap index were:

• KPIT Technologies

• Waaree Energies

• Premier Energies

Analysts believe investors are becoming increasingly selective, favouring companies with strong earnings visibility while trimming exposure to richly valued stocks.

MTAR Technologies Rallies 5% on Robust Q1 Performance

One of the biggest gainers in the market was MTAR Technologies, whose shares climbed nearly 5% after the company reported an exceptional first-quarter performance.

Key Financial Highlights

• Share Price: ₹5,453.50

• Q1 FY27 Net Profit: ₹50.2 crore

• Q1 FY26 Net Profit: ₹10.8 crore

The nearly three-fold jump in profit reflected improved execution across its precision engineering business, prompting strong buying interest from investors.

The stock also benefited from expectations of continued demand from the defence, clean energy and aerospace sectors.

MOIL Surges More Than 9% After Margin Expansion

Mining company MOIL witnessed strong buying after reporting impressive operational numbers.

The company's EBITDA margin expanded significantly during the June quarter.

Performance Highlights

• EBITDA Margin: 36.8%

• Previous Year Margin: 31.1%

The improvement in profitability signalled better cost management and stronger operating efficiency, encouraging investors to accumulate the stock.

Dabur India Declines Despite Higher Profit

Shares of Dabur India fell more than 4%, indicating that investors were not fully satisfied with the company's quarterly performance despite reporting growth in net profit.

Market participants appeared concerned over demand trends and margin outlook, leading to profit booking in the FMCG major.

The reaction once again highlighted that markets are rewarding companies only when earnings significantly exceed expectations.

Heavy Earnings Calendar Keeps Traders on Edge

Thursday is one of the busiest days of the earnings season, with several large-cap and mid-cap companies scheduled to announce their April-June quarter results.

Major Companies Reporting Today

• Bajaj Finance

• Mahindra & Mahindra

• Tata Steel

• Vedanta

• Torrent Pharmaceuticals

• Hyundai Motor India

• Indian Railway Finance Corporation (IRFC)

• LIC Housing Finance

• RailTel Corporation of India

• Swiggy

• Thermax

• Mazagon Dock Shipbuilders

• Mankind Pharma

• Exide Industries

• Ajanta Pharma

• Aarti Industries

• AWL Agri Business

• Chambal Fertilisers & Chemicals

• Data Patterns

• Deepak Fertilisers

• LT Foods

• Nuvama Wealth Management

• Rainbow Children's Medicare

• Westlife Foodworld

Management commentary on demand, margins and future growth will be closely tracked by investors, as it is expected to influence market direction over the coming weeks.

Primary Market Remains Active With Fresh IPO Launches

Investor interest in the primary market remained strong as several companies opened their public issues for subscription.

IPOs Opening Today

• Juniper Green Energy IPO – ₹1,800 crore

• MV Electrosystems IPO – ₹290 crore

• Dhaval Packaging IPO

• Oneindig Technologies IPO

Ongoing Public Issues

Manipal Health Enterprises IPO

• Day 2 of subscription

• Issue Size: ₹9,275.22 crore

H.R. Hygiene Products IPO

• Day 2 of subscription

• Issue Size: ₹53.94 crore

The steady flow of IPOs reflects sustained confidence in India's capital markets despite intermittent volatility in secondary market indices.

Global Cue: Apple Faces Pressure Over Chinese Chip Procurement

Global technology stocks also remained in focus after reports suggested that a bipartisan group of US senators urged Apple Inc. to abandon any effort to source semiconductor chips from a blacklisted Chinese company.

The development underscores the continuing geopolitical tensions surrounding semiconductor supply chains and could have implications for global technology manufacturing.

Investors will continue monitoring geopolitical developments, especially in the technology sector, as they may influence sentiment across global equity markets.

What Investors Should Watch Through the Day

Market participants are likely to keep a close eye on:

• Q1 earnings from heavyweight companies, particularly Bajaj Finance, Tata Steel, Mahindra & Mahindra and Vedanta.

• Subscription response to newly launched IPOs.

• Movement in IT stocks, which are currently providing support to benchmark indices.

• Trends in broader markets, where mid-cap and small-cap stocks continue to witness selective profit booking.

• Global cues, including developments in the US technology sector and international market movements.