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Indices extend losses; Sensex down 275 pts; IT stocks decline

Published on Jan 06, 2023 11:32

The domestic equity barometers continued to extend losses and traded with modest cuts in mid-morning trade. The Nifty traded near the 17,900 mark after hitting day`s high of 18,047.40 in morning trade. IT shares declined for the third day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 274.81 points or 0.46% to 60,078.46. The Nifty 50 index lost 82.10 points or 0.46% to 17,910.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.29% while the S&P BSE Small-Cap index slipped 0.27%.

The market breadth was negative. On the BSE, 1,490 shares rose and 1,797 shares fell. A total of 148 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 1.13% to 28,205.55. The index has slipped 2.61% in three trading sessions.

Persistent Systems (down 1.77%), Tata Consultancy Services (down 1.72%), Infosys (down 1.18%), Tech Mahindra (down 1.14%), HCL Technologies (down 0.74%), Wipro (down 0.49%), Coforge (down 0.48%), LTI Mindtree (down 0.41%), L&T Technology Services (down 0.21%) declined.

Stocks in Spotlight:

Rail Vikas Nigam rose 1.32% after the company said that it has received an order worth Rs 166 crore from Gujarat Metro Rail Corporation (GMRC) for supply and commissioning of ballastless track for Surat Metro Rail project under Phase-1.

Sobha advanced 3.15% after the company`s total sales value improved by 36% to Rs 1,424.7 crore in Q3 FY23 from Rs 1,047.5 crore recorded in the corresponding quarter last fiscal.

Aster DM Healthcare declined 1% after the company announced that Sreenath Pocha Reddy, group chief financial officer and key managerial personnel of the company, has tendered his resignation due to personal reasons with effect from the close of business hours on 5 January 2023.

Global markets:

Asian stocks were trading mostly higher as investors braced for crucial U.S. jobs data later in the day that should provide clues on how aggressive the Federal Reserve will be in tightening policy.

Wall Street`s main indices lost more than 1% on Thursday as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.

U.S. private payrolls increased more than expected in December. The U.S. ADP private payrolls report showed employers added 235,000 jobs in December. Data for November was unrevised to show 127,000 jobs added.

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