Benchmarks trade near flat line; IT shares tumble

The key domestic indices traded near flat line with positive bias in morning trade, despite ongoing escalating geopolitical tensions between Israel and Iran. Further impacting sentiment was the US Federal Reserve's decision to hold interest rates, with the central bank projecting elevated inflation and slower economic growth ahead. Market direction will likely continue to be shaped by these geopolitical developments, with investors closely tracking crude oil prices and broader global events. The Nifty traded above the 24,800 level.

IT shares declined for the second consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 45.01 points or 0.06% to 81,495.06. The Nifty 50 index rose 20.15 points or 0.08% to 24,832.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% and the S&P BSE Small-Cap index shed 0.32%.

The market breadth was positive. On the BSE, 1,406 shares rose and 2,003 shares fell. A total of 211 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 0.98% to 38,650.05. The index declined 1.79% for the two consecutive trading sessions.

Tech Mahindra (down 2.51%), LTIMindtree (down 2.24%), Oracle Financial Services Software (down 1.65%), Persistent Systems (down 1.52%), Mphasis (down 1.43%) Coforge (down 1.34%), Infosys (down 0.94%), HCL Technologies (down 0.64%) and Tata Consultancy Services (down 0.52%) declined.

Stocks in Spotlight:

Tata Elxsi fell 1.40%. The company announced that it has signed a memorandum of understanding (MoU) with Infineon Technologies to jointly develop application-ready EV solutions tailored to the Indian market.

Marksans Pharma fell 0.64%. The company announced that its wholly owned subsidiary Relonchem has received marketing authorization for the product Oxybutynin hydrochloride Oral Solution from UK Medicines & Healthcare Products Regulatory Agency (UKMHRA).

Puravankara rallied 3.16% after the company?s, wholly owned subsidiary, Starworth Infrastructure & Construction, received a letter of intent (LoI) worth Rs 272 crore from Tru Dwellings.

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