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Market sell-off continues; IT shares under pressure

Published on Mar 19, 2024 10:31

The domestic equity indices traded in negative terrain with substantial losses in morning trade. The Nifty traded below the 22,000 level. IT shares witnessed selling pressure for the third consecutive trading sessions.

At 10:27 IST, the barometer index, the S&P BSE Sensex, tumbled 618.34 points or 0.80% to 72,169.25. The Nifty 50 index slipped 200.85 points or 0.91% to 21,866.35.

In the broader market, the S&P BSE Mid-Cap index declined 1.27% and the S&P BSE Small-Cap index shed 0.83%.

The market breadth was weak. On the BSE, 1,278 shares rose and 2,113 shares fell. A total of 153 shares were unchanged.

New Listing:

Shares of Popular Vehicles and Services were currently trading at Rs 270.80 at 10:14 IST on the BSE, representing a discount of 6.97% as compared with the issue price of Rs 295.

The scrip was listed at Rs 292, exhibiting a discount of 1.02% to the issue price.

So far, the stock has hit a high of 292 and a low of 262.90. On the BSE, over 1.80 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index declined 1.84% to 36,208.05. The index slipped 3.90% in the past three trading session.

Tata Consultancy Services (down 3.27%), L&T Technology Services (down 2.84%), Persistent Systems (down 2.02%), Wipro (down 1.81%), LTIMindtree (down 1.42%), HCL Technologies (down 1.35%), Infosys (down 1.22%), Tech Mahindra (down 1.19%), Mphasis (down 0.94%) and Coforge (down 0.02%) edged lower.

TCS declined 3.27%. Tata Sons, the holding company of TCS, is offering to sell 2.34 crore shares of TCS at a floor price Rs 4,001 per share in block deals worth about Rs 9,300 crore, as per reports.

Stocks in Spotlight:

Paradeep Phosphates dropped 1.87% after the company has shut down the Ammonia and Urea Plants at Goa due to breakdown of Synthesis Gas Compressor.

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