Sensex drops 543 pts, Nifty below 18,000 level, IT stocks slip

The domestic equity benchmarks traded with steep losses in the morning trade. The Nifty traded below the key 18,000 level. Barring the Nifty media index, all the sectoral indices on the NSE were in the red. Domestic sentiment was dented amid negative global cues. The market selloff came amidst hotter than expected inflation report solidifying the chances of aggressive rate hikes from the US Federal Reserve.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 543.46 points or 0.90% to 60,027.62. The Nifty 50 index declined 152.60 points or 0.84% to 17,917.45.

In the broader market, the S&P BSE Mid-Cap index fell 0.50% while the S&P BSE Small-Cap index shed 0.30%.

The market breadth was negative. On the BSE, 1,368 shares rose and 1,819 shares fell. A total of 152 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,956.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,268.43 crore in the Indian equity market on 13 September, provisional data showed.

Buzzing Index:

The Nifty IT index slipped 3.38% to 28,132.95. The index shed 0.05% in the past trading session.

Infosys (down 4.17%), Coforge (down 3.78%), L&T Technology Services (down 3.77%), Larsen & Toubro Infotech (down 3.57%), Tech Mahindra (down 3.54%), Mindtree (down 3.23%), Tata Consultancy Services (down 3.11%), Mphasis (down 2.8%), HCL Technologies (down 2.21%) and Wipro (down 2.07%) tumbled.

Infosys skid 4.17%. The IT major announced that it has collaborated with Bpost (Belgium Post), a leading postal operator and growing parcel and omni-commerce logistics partner in Europe, to secure the cloud environment and build robust cyber resilience for Bpost`s mail delivery and logistics services.

Stocks in Spotlight:

Ambuja Cements rallied 4.98% after the company said its board will consider raising funds on 16 September 2022. The board of Ambuja Cements is scheduled to meet on 16 September 2022, to consider raising funds by way of issue of equity shares, convertibles and/or any other eligible securities, on a rights/preferential or any other permissible mode/ and/or combination thereof as may be considered appropriate.

JSW Steel shed 0.95%. The steel major announced that it has signed a memorandum of understanding (MoU) with SMS group GmbH, to explore multiple cutting-edge solutions and R&D projects to reduce carbon emission in its iron and steelmaking operations in India. The company said that it will explore solutions for implementation of the decarbonisation projects across various JSW Steel plants in India. This collaboration will enable the both the companies to explore opportunities together to reduce carbon emissions and produce green steel in one of the hard-to-abate sectors, the company stated.

Filatex India advanced 3.82% after the company informed that it has been granted a 20-year patent for recycling of Polyethylene Terephthalate (PET) waste. In an exchange filing made after market hours yesterday, the company said that a patent has been granted on 01.09.2022 to the Company for an invention entitled `a process for recycling of Polyethylene Terephthalate (PET) waste` for the period of 20 years with effect from 2 June 2021.

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