Nifty trades below 23,900 level; IT shares extend losses for 3rd day

The headline equity benchmarks traded with moderate losses in morning trade, weighed down by uncertainty surrounding the US-Iran negotiations in Doha, fresh foreign fund outflows, and weakness in blue-chip IT stocks. Selling pressure in the IT sector further dragged the market lower as investors shifted their focus to the upcoming June-quarter earnings season. Meanwhile, volatility is expected to remain elevated in the near term due to the NSE's monthly derivatives expiry.

The Nifty traded below the 23,900 level. IT shares extended losses for the third consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 132.27 points or 0.17% to 76,596.10. The Nifty 50 index lost 53.25 points or 0.23% to 23,894.90.

In the broader market, the BSE 150 MidCap Index shed 0.13% and the BSE 250 SmallCap Index rose 0.08%.

The market breadth was positive. On the BSE, 1,892 shares rose and 1,666 shares fell. A total of 224 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.15% to 13.77.

Buzzing Index:

The Nifty IT index dropped 1.81% to 26,549.70. The index fell 3.68% in the three consecutive trading sessions.

Infosys (down 2.32%), LTM (down 2.22%), Tata Consultancy Services (down 2.08%), Wipro (down 1.46%), HCL Technologies (down 1.36%), Tech Mahindra (down 1.01%), Mphasis (down 0.89%), Persistent Systems (down 0.24%) and Oracle Financial Services Software (down 0.01%) declined.

Stocks in Spotlight:

Kalpataru Projects International (KPIL) advanced 1.94% after the company, along with its international subsidiaries, secured new orders and notifications of award worth approximately Rs 2,957 crore.

Diffusion Engineers added 1% after the company announced that it has received a domestic order worth about Rs 26.31 crore for the supply of RAPH rotor assembly for the power industry.

Juniper Hotels rose 0.13%. The company has announced that its chief financial officer (CFO), Tarun Jaitly, has resigned from his position, effective close of business hours on Wednesday, 15 July 2026.

Jagsonpal Pharmaceuticals surged 9.79% to Rs 253.90 after the company entered into a definitive Agreement to acquire an 85% equity stake in Aequitas Healthcare (Aequitas), marking its entry into hospital segment.

KEC International rose 4.63% to Rs 539.15 after the company announced that it has secured new orders worth Rs 1,754 crore across its Transmission & Distribution (T&D) and Cables & Conductors businesses.

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