Sensex slides 380 pts, IT shares under pressure

The key equity indices traded with modest losses in morning trade. The Nifty traded below the 21,600 level. IT shares extended losses for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 380.04 points or 0.53% to 71,512.44. The Nifty 50 index lost 95.90 points or 0.44% to 21,570.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.20% and the S&P BSE Small-Cap index added 0.09%.

The market breadth was positive. On the BSE, 1,926 shares rose and 1,609 shares fell. A total of 159 shares were unchanged.

Buzzing Index:

The Nifty IT fell 2.12% to 34,535. The index slipped 3.25% in two trading sessions.

Mphasis (down 2.92%), Wipro (down 2.4%), LTIMindtree (down 2.35%), Tech Mahindra (down 2.12%), Coforge (down 2.04%), Tata Consultancy Services (down 2.02%), Infosys (down 1.94%), L&T Technology Services (down 1.86%), Persistent Systems (down 1.79%) and HCL Technologies (down 1.73%) edged lower.

Stocks in Spotlight:

Yes Bank shed 0.04%. The bank reported a healthy 13.2% year-over-year (YoY) increase in deposits to Rs 241,831 crore as of 31 December 2023, compared to Rs 213,608 crore a year ago. This marks a 3.2% climb from Rs 234,360 crore reported at the end of September 2023.

However, loan growth lagged behind deposit inflows, rising 11.9% YoY to Rs 217,662 crore by December 31, 2023. Sequentially, loans and advances witnessed a 4.1% uptick.

Sun Pharmaceutical Industries rose 0.23% after the company has acquired 100% of shares of Libra Merger., a company incorporated in Israel to facilitate consolidation of business in Israel.

Rail Vikas Nigam (RVNL) rallied 2.05% after the firm announced KRDCL-RVNL JV has received Letter of Acceptance for major upgradation/redevelopment of Varkala Sivagiri Railwy Station. The project cost is Rs 123.36 crore.

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