Barometers continue to trade lower; IT shares decline

The benchmarks indices continued to trade with significant cuts in morning trade. The Nifty traded above the 17,550 level. IT shares witnessed selling pressure for second consecutive session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 318.72 points or 0.54% to 58,878.27. The Nifty 50 index lost 89.65 points or 0.51% to 17,565.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index advanced 0.47%.

The market breadth was strong. On the BSE, 1979 shares rose and 1151 shares fell. A total of 153 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Tamilnad Mercantile Bank received bids for 1.43 crore shares as against 87.12 lakh shares on offer, according to stock exchange data 15:24 IST on Wednesday (7 September 2022). The issue was subscribed 1.65 times.

The issue opened for bidding on Monday (5 September 2022) and it will close on Wednesday (7 September 2022). The price band of the IPO is fixed at Rs 500-525 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index fell 0.77% to 27,530.15. The index has declined 1.10% in two sessions.

L&T Technology Services (down 1.6%), Tech Mahindra (down 1.21%), HCL Technologies (down 1.2%), Infosys (down 0.86%) and Mphasis (down 0.78%) were the top losers.

Among the other losers were Larsen & Toubro Infotech (down 0.76%), Mindtree (down 0.71%), Wipro (down 0.48%), Tata Consultancy Services (down 0.38%) and Coforge (down 0.08%).

Stocks in Spotlight:

InterGlobe Aviation (IndiGo) was up 0.06%. The company on Tuesday announced that Petrus Johannes Theodorus Elbers has joined the company as chief executive officer (CEO).

Arvind SmartSpaces jumped 9.02% after Quant Mutual Fund acquired 1.18% stake in the company via bulk deal on the BSE yesterday.

Bharti Airtel fell 1.48% on high volumes after the counter reported multiple block deals in initial trade today, 7 September 2022. According to the media reports, 10.4 crore Bharti Airtel shares, or 1.9% equity, changed hands in opening trade today.

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