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Sensex slides 380 pts, IT shares under pressure

Published on Jan 03, 2024 10:15

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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