Nifty trades below 24,600 level; IT shares decline

The domestic equity indices traded with substantial losses in morning trade after the United States imposed an additional 25% tariff on Indian imports, which came into effect a day earlier. The Nifty traded below the 24,600 level.

IT shares extended losses for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 420.29 points or 0.52% to 80,366.05. The Nifty 50 index tumbled 120.66 points or 0.49% to 24,593.

In the broader market, the S&P BSE Mid-Cap index slipped 0.46% and the S&P BSE Small-Cap index fell 0.35%.

The market breadth was weak. On the BSE, 512 shares rose and 2,117 shares fell. A total of 224 shares were unchanged.

New Listings

Shares of Mangal Electrical were currently trading at Rs 561.30 at 10:18 IST on the BSE, representing a premium of 0.05% compared with the issue price of Rs 561.

The scrip was listed at Rs 558, a discount of 0.53% to the issue price.

So far, the stock has hit a high of Rs 565 and a low of Rs 547. On the BSE, over 2.28 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty IT index dropped 1.41% to 35,555.10. The index rallied 1.99% in two consecutive trading sessions.

HCL Technologies (down 2.55%), Tata Consultancy Services (down 1.57%), LTIMindtree (down 1.55%), Infosys (down 1.26%), Tech Mahindra (down 1.14%), Wipro (down 0.92%), Oracle Financial Services Software (down 0.87%), Mphasis (down 0.59%), Persistent Systems (down 0.39%) and Coforge (down 0.13%) declined.

Stocks in Spotlight:

HFCL added 0.21%. The company said that its material subsidiary, HTL, has bagged a contract worth Rs 101.82 crore from the Indian Army for the supply of tactical optical fiber cables and related accessories.

Jaiprakash Power Ventures jumped 4.98% after the company's board announced plans to explore the setting up of a solar PV power plant at its Bina facility in Madhya Pradesh.

Highway Infrastructure advanced 1.82% after the company announced the launch of its real estate project Neww York City-Phase 4 in Indore, Madhya Pradesh.

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