Indices trade with limited losses; IT shares decline

The domestic equity benchmarks continued to trade with limited losses in morning trade. The Nifty continued to trade below the 18,000 mark. IT shares witnessed across the board selling.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 142.59 points or 0.23% to 61,176.92. The Nifty 50 index lost 41.35 points or 0.23% to 17,994.50.

In the broader market, the S&P BSE Mid-Cap index declined 0.31% while the S&P BSE Small-Cap index added 0.07%

The market breadth was positive. On the BSE, 1,589 shares rose and 1,483 shares fell. A total of 156 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 0.97% to 31,131.15. The index had advanced 3.78% in the past three sessions.

L&T Technology Services (down 1.95%), LTI Mindtree (down 1.67%), Coforge (down 1.64%), Mphasis (down 1.38%) and Persistent Systems (down 1.27%) were the top losers.

Among the other losers were Wipro (down 1.15%), HCL Technologies (down 1.05%), Tata Consultancy Services (down 0.9%), Infosys (down 0.87%) and Tech Mahindra (down 0.54%).

Stocks in Spotlight:

Godrej Properties (GPL) shed 0.82%. GPL said that it has acquired Raj Kapoor's Bungalow in Chembur to develop a premium residential project.

Angel One fell 1.57%. The company announced the resignation of its chief executive officer, Narayan Gangadhar, with effect from 16 May 2023, due to personal reasons.

Schaeffler India advanced 3.50%. The company's net profit rose 21.2% to Rs 230.98 crore on 17.8% increase in revenue from operations to Rs 1,794.65 crore in Q4 CY22 over Q4 CY21.

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