Indices trade with major losses; IT shares tumble; broader mkt outperforms
IT shares slipped after advancing for the past consecutive trading session. The Nifty traded below the 24,900 level.
At 10:29 ST, the barometer index, the S&P BSE Sensex, slumped 709.42 points or 0.86% to 81,699.17. The Nifty 50 index tanked 216.60 points or 0.86% to 24,895.10.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.22% and the S&P BSE Small-Cap index fell 0.13%.
The market breadth was negative. On the BSE, 1,429 shares rose and 2,207 shares fell. A total of 225 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 4.62% to 14.31.
Buzzing Index:
The Nifty IT index fell 1.59% to 38,372.85. The index rose 0.84% in previous consecutive trading session.
Infosys (down 2.87%), Oracle Financial Services Software (down 2.01%), Tata Consultancy Services (down 1.89%), Wipro (down 1.69%), HCL Technologies (down 1.66%), Mphasis (down 1.52%), Tech Mahindra (down 1.18%), Coforge (down 0.82%), LTIMindtree (down 0.64%) and Persistent Systems (down 0.25%) declined.
Stocks in Spotlight:
Nitco jumped 2.57% after the company announced that it has received a fresh Letter of Intent (LoI) from Prestige Estates Projects for an additional tile supply order worth approximately Rs 45 crore.
Tata Consultancy Services (TCS) fell 1.57%. The company said that it has setup two new automotive delivery centers in Germany as well as an engineering center in Romania, to expand its capabilities in software-defined vehicles (SDV) space.
Bajel Projects was locked in the upper limit of 5% after the company secured an ultra-mega order from PowerGrid Corporation of India through its special purpose vehicle MEL Power Transmission.
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