Partner With Us NRI

Indices trade lower; IT shares under pressure

Published on Mar 18, 2024 11:33

The domestic equity indices traded with limited losses in mid-morning trade. The Nifty slipped below the 22,000 level. IT shares extended losses for the second consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 184.13 points or 0.25% to 72,459.30. The Nifty 50 index shed 58.20 points or 0.26% to 21,965.15.

In the broader market, the S&P BSE Mid-Cap index declined 0.58% and the S&P BSE Small-Cap index shed 0.64%.

The market breadth was negative. On the BSE, 1,767 shares rose and 1,922 shares fell. A total of 152 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Krystal Integrated Services received 63,45,470 bids for shares as against 29,99,448 shares on offer, according to stock exchange data at 11:30 IST on Monday (18 March 2024). The issue was subscribed 2.11 times.

The issue opened for bidding on Thursday (14 March 2024) and it will close on Monday (18 March 2024). The price band of the IPO is fixed at Rs 680 to 715 per share. An investor can bid for a minimum of 20 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index dropped 1.10% 37,086.95. The index declined 1.57% in the past two trading sessions.

Coforge (down 6.81%), Persistent Systems (down 3.71%), L&T Technology Services (down 1.63%), Mphasis (down 1.36%), Infosys (down 1.02%), Wipro (down 0.79%), LTIMindtree (down 0.74%), Tech Mahindra (down 0.7%) and Tata Consultancy Services (down 0.41%) edged lower.

Stocks in Spotlight:

Amber Enterprises India rose 0.31%. Sidwal Refrigeration Industries, a wholly owned material subsidiary (WOS) of the company has incorporated a WOS named, AT Railway Sub Systems on 15 March 2024. The purpose of this incorporation is to carry on the business of manufacturing railway components and sub systems for the rolling stock industry in India and overseas and also to expand their business into the global markets.

Zydus Lifesciences shed 0.80%. The company announced that it has received final approval from the United States Food and Drug Administration (USFDA) to market Finasteride and Tadalafil capsules USP.

KPI Green Energy was locked in upper circuit of 5% after it emerged as the successful bidder in the Maharashtra State Power Generation Co. (MAHAGENCO) tender for development of 100MW solar power project.

Container Corporation of India declined 1.61%. The company said that it has inked a strategic collaboration through a Memorandum of Understanding (MOU) with Central Warehousing Corporation (CWC) for driving innovation and efficiency in the logistics.

Global Markets:

Asian stocks traded higher on Monday, ahead of key central bank policy decisions due this week for clues into the future global interest rate trajectory. The Bank of Japan`s rate decision is scheduled for Tuesday, while Federal Reserve is due to announce its rate decision on Wednesday.

China reported stronger-than-expected numbers for retail and fixed asset investment for the first two months of 2024. Retail sales rose 5.5% and industrial production was up 7%. The unemployment rate for cities was 5.3% in February.

U.S. stocks closed lower on Friday, led by technology-related megacaps, while investors weighed the interest rate outlook ahead of next week`s Federal Reserve meeting.

Powered by Capital Market - Live News