The markets have come off slightly after a sharp cut in afternoon trade. The Nifty is struggling around 24,700 while the Sensex is flat. The BSE mid and small cap are also under pressure in today’s trading session.
Let’s take a look at the key movers and what is driving their action today –
ITC
The ITC share price is down nearly 3% in trade today. The markets are still digesting the impact of the 40% GST on ITC’s tobacco business. While the lower GST rate for FMCG is good news, the tobacco business remains concerned about the 40% GST. However, the implementation of this will be delayed.
Persistent Systems
The share price of Persistent Systems is down over 3%. In fact, it is one of the biggest losers on the Nifty IT Index. In fact in the list of the information and technology sector stocks, there is hardly any green tick. Almost all tech stocks are under pressure ahead of the US jobs data. There are worries about the health of the US labour market and the domino impact on the India tech sector, given the large exposure to the US.
Ola Electric
The Ola Electric share price is down 7% in today’s session. This is after one of the key investors in this electric two-wheeler company, SoftBank slashed its stake. It sold 94.9 million shares and its stake in the company is down by 2%. But they are not the only ones paring stake in Ola Electric. Other key investors such as Alpha Wave Ventures and Tiger Global Management also sold stakes in the company.
Vodafone Idea
The share price of Vodafone is bucking the overall market trend and is up significantly today. The shares have surged 6% in today’s session. However, continuous worries about the AGR dues have exerted pressure on the share price, and the stock is down 12% so far this year and over 53% in the last 1 year.
BSE
The BSE share price is up nearly 4% in trade today. Though the stock has seen significant correction in the last 3 months, for 2025 the shares are up over 20%. Motilal Oswal has a Buy rating on the stock with a target price of Rs 2,600 per share. They expect the profit for India’s oldest Stock Exchange to surge on the back of lower clearing house costs and income from colocation. Even the Q1 Profits surged a whopping 104% QoQ driven by lower-than-expected clearing house expenses.