Sensex tumbles 188 pts; IT shares advance

The domestic equity benchmarks traded with modest losses in mid-afternoon trade despite positive global cues. Market participants are monitoring the de-escalation situation between Iran and the US. The Nifty traded below the 24,200 level. IT shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex declined 188.33 points or 0.24% to 77,922.91. The Nifty 50 index fell 56.85 points or 0.23% to 24,174.45.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index added 0.19% and the BSE 250 SmallCap Index rose 0.72%.

The market breadth was strong. On the BSE, 2,536 shares rose and 1,687 shares fell. A total of 190 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.01% to 18.11.

Buzzing Index:

The Nifty IT index rose 0.60% to 31,729.20. The index jumped 3.41% over the past two consecutive trading sessions.

Oracle Financial Services Software (up 2.8%), LTIMindtree (up 2.07%), Mphasis (up 0.96%) and Tata Consultancy Services (up 0.68%), Infosys (up 0.59%), Persistent Systems (up 0.45%), Wipro (up 0.31%), and Tech Mahindra (up 0.08%) jumped.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.52% to 6.901 compared with previous session close of 6.856.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 93.2950 compared with its close of 93.3375 during the previous trading session.

MCX Gold futures for a June 5, 2026 settlement rose 0.24% to Rs 154,323.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.06% to 98.15.

The United States 10-year bond yield rose 0.05% to 4.280.

In the commodities market, Brent crude for the June 2026 settlement rose $1.60, or 1.69%, to $96.53 per barrel.

Stocks in Spotlight:

Quadrant Future Tek added 1.28% after it had received a letter of acceptance (LoA) from Patiala Locomotive Works (PLW) for the supply, installation, testing, and commissioning of onboard KAVACH Loco Equipment Ver-4.0.

John Cockerill India jumped 4.04% after the company received a contract form JSW Steel Coated Products to design Continuous Galvanizing Line (CGL#3) at Khopoli plant.

Alembic Pharmaceuticals advanced 1.89% after the company announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Methotrexate Injection USP.