Sensex slides 117 pts, IT stocks under pressure

The frontline indices traded with minor cuts in morning trade. The Nifty traded below the 18,600 level . IT stocks extended losses for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 117.41 points or 0.19% to 62,670.06. The Nifty 50 index lost 27.10 points or 0.15% to 18,566.75.

In the broader market, the S&P BSE Mid-Cap index shed 0.13% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,901 shares rose and 1,298 shares fell. A total of 140 shares were unchanged.

The three-day meeting of the Monetary Policy Committee of the Reserve Bank of India (RBI) begins today. The MPC decision will be announced by RBI Governor Shaktikanta Das on the last day of the meeting, which is Thursday, 8 June 2023.

Buzzing Index:

The Nifty IT index slipped 1.95% to 28,668.10, extending losses for the third straight session. The index declined 2.64% in three trading sessions.

Persistent Systems (down 4.19%), Mphasis (down 3.44%), Coforge (down 2.6%), Tech Mahindra (down 2.29%), LTIMindtree (down 2.22%), L&T Technology Services (down 1.71%), Infosys (down 1.59%), HCL Technologies (down 1.43%), Tata Consultancy Services (down 1.15%) and Wipro (down 1.01%) edged lower.

Stocks in Spotlight:

JK Cement gained 1.72% after the company signed share purchase agreement to acquire 100% stake in Toshali Cement (Toshali) for a total consideration of Rs 157 crore. The acquisition will help the company expand its footprint into the Eastern Region. The transaction is subject to fulfillment of certain condition presidents and may likely complete upto 6 months. Post acquitision, Toshali will become a subsidiary of the company.

B L Kashyap and Sons jumped 5.88% after the EPC company announced that it has secured new order aggregating to Rs 147 crore.The order comprises civil & structural work & all associated work for Nzuri Pune Knowledge Park project. The project is expected to be completed within 27 months from the date of award. The company said the current order book stood at approximately Rs 2,774 crore.

RateGain Travel Technologies advanced 2.12%. Cem Air, a South African regional airline, has selected RateGain Travel Technologies` AirGain airline pricing solution to gain real-time pricing insights from over 200+ sources.

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