Sensex drops 770 pts; IT shares tumble for fifth straight day

The domestic equity benchmarks traded with major losses in the morning trade, dragged down by heavy selling in index heavyweight Bharti Airtel and weakness across IT stocks. Investor sentiment remained subdued after U.S. President Donald Trump?s renewed tariff threats rattled global markets, while the expiry of monthly F&O contracts on the NSE added to the volatility in early trade.

The Nifty traded below the 25,500 level. IT shares extended losses for the fifth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 769.56 points or 0.92% to 82,525.10. The Nifty 50 index fell 213.06 points or 0.80% to 25,499.25.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 0.56% and the BSE 250 SmallCap Index fell 0.74%.

The market breadth was weak. On the BSE, 1,243 shares rose and 2,344 shares fell. A total of 232 shares were unchanged.

Buzzing Index:

The Nifty IT index slumped 3.51% to 30,442.65. The index tumbled 7.95% in the five consecutive trading sessions.

Coforge (down 4.93%), Persistent Systems (down 4.05%), HCL Technologies (down 3.91%), Infosys (down 3.45%), Tata Consultancy Services (down 3.06%), Tech Mahindra (down 2.86%), Mphasis (down 2.63%), LTIMindtree (down 2.10%), Wipro (down 1.9%) and Oracle Financial Services Software (down 1.41%) declined.

Stocks in Spotlight:

Organic Recycling Systems (ORSL) added 0.85%. The company has secured a large-scale order from Shreyam Manek Agro Products for setting up an integrated compressed bio-gas (CBG) and biofertiliser project in Damoh, Madhya Pradesh.

Signpost India rallied 3.72% after securing exclusive outdoor advertising rights from the Kolkata Municipal Corporation under the ?Kolkata Streetscape Renaissance? project in a Rs 450-crore, 10-year public-private partnership contract.

Waaree Energies added 1.42% after the company announced that it has received an order to supply 500 MW of solar modules from a renowned domestic solar power developer and independent power producer (IPP).

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