Sensex slides 304 pts, IT stocks under pressure

The domestic equity benchmarks traded with modest losses in morning trade. The Nifty traded below the 20,850 mark. IT stocks extended losses for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 303.78 points or 0.44% to 69,247.25. The Nifty 50 index lost 90.50 points or 0.43% to 20,815.90.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index added 0.09%.

The market breadth was positive. On the BSE, 1,955 shares rose and 1,482 shares fell. A total of 157 shares were unchanged.

Buzzing Index:

The Nifty IT index declined 1.74% to 32,910.30. The index fell 1.8% in two trading sessions.

Tata Consultancy Services (down 2.23%), Coforge (down 1.52%), Mphasis (down 1.49%), Infosys (down 1.48%), Tech Mahindra (down 1.34%), L&T Technology Services (down 1.16%), LTIMindtree (down 1.01%), Wipro (down 0.82%), Persistent Systems (down 0.6%) and HCL Technologies (down 0.41%) edged lower.

Stocks in Spotlight:

Cummins India fell 0.35%. The company said that it has entered into collaboration with Repos Energy to launch DATUM (Data Automated Teller Ultimate Machine), an intelligent Fuel Management System.

Niraj Cement Structurals rallied 4.55% after the company announced that it has received work order from Jawaharlal Nehru Port Trust (JNPT) worth Rs worth Rs 210.98 crore. The value of the contract from JNPT is more than the present market capitalization of the company, which currently stands at Rs 188.09 crore.

KIOCL declined 1.43%. The operations of Pellet Plant Unit of the company at Mangalore have been temporarily suspended with effect from 12 December 2023 due to non-availability of iron ore fines.

Powered by Capital Market - Live News