Broader mkt outperforms; Sensex down 128 pts; IT shares slide

The domestic equity indices traded with minor losses in early afternoon trade. The Nifty traded near the 21,900 level. IT shares fell after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 128.02 points or 0.18% to 72,058.07. The Nifty 50 index lost 25.55 points or 0.12% to 21,903.85.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.26% and the S&P BSE Small-Cap index rose 0.43%.

The market breadth was positive. On the BSE, 2,166 shares rose and 1,617 shares fell. A total of 119 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 0.19% to 15.82. The Nifty 29 February 2024 futures were trading at 21,965, at a premium of 61.15 points as compared with the spot at 21,903.85.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 44.2 lakh contracts at the 23,000 strike price. Maximum Put OI of 35.8 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The NIFTY IT index declined 0.98% to 37,872.15. The index advanced 2.88% in the past trading session.

Infosys (down 1.78%), Tata Consultancy Services (down 0.98%), Tech Mahindra (down 0.93%), L&T Technology Services (down 0.86%), HCL Technologies (down 0.8%), Wipro (down 0.56%), Mphasis (down 0.51%), LTIMindtree (down 0.37%), and Persistent Systems (down 0.21%) edged lower.

Stocks in Spotlight:

TRF was locked in 20% upper circuit after the company announced that its board has approved to cancel the scheme of amalgamation with Tata Steel, citing improvement in business performance since the merger talks had taken place.

Angel One rallied 6.17% after the brokerage company�s client base surged 58.49% to 20.43 million in January 2024 as against 12.89 million in January 2023.

Radico Khaitan rose 1.79% after the liquor maker�s consolidated net profit rose 22.65% to Rs 75.15 crore on 46.55% increase in net revenue from operations to Rs 1,160.91 crore in Q3 FY24 over Q3 FY23.

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