Nifty above 17,700; IT shares decline

The key equity barometers managed to pare losses in morning trade. The Nifty was trading above the 17,700 mark. IT shares, however, declined for the fourth consecutive session ahead of Q4 results.

At 10:20 IST, the S&P BSE Sensex was down 330.51 points or 0.56% to 59,116.67. The Nifty 50 index lost 70.35 points or 0.40% to 17,714.00.

The broader market traded higher with gains. The S&P BSE Mid-Cap index rose 0.58% while the S&P BSE Small-Cap index rallied 0.75%.

The market breadth was strong. On the BSE, shares 2,176 rose and 1,094 shares fell. A total of 158 shares were unchanged

New Listing:

Shares of Veranda Learning Solutions were currently trading at Rs 160.50 on the BSE, at a premium of 17.15% compared with the issue price of Rs 137.

The scrip was listed at Rs 157, representing a premium of 14.60% to the initial public offer (IPO) price.

So far, the scrip has hit a high of Rs 163 and a low of Rs 149.15. Over 7.35 lakh shares of the company have changed hands in the counter till now.

The IPO of Veranda Learning Solutions was subscribed 3.53 times. The issue opened for bidding on 29 March 2022 and it closed on 31 March 2022. The price band of the IPO was fixed at Rs 130-137 per share.

Buzzing Index:

The Nifty IT index shed 0.73% to 35,137.60. The index has declined 3.64% in four sessions.

Infosys (down 1.48%), L&T Technology Services (down 1.52%), HCL Tech (down 1.57%), Larsen & Toubro Infotech (down 1.30%), Wipro (down 1.11%), MindTree (down 0.84%) and Coforge (down 0.67%) declined.

Meanwhile, Tech Mahindra (up 0.54%), TCS (up 0.38%) and Mphasis (up 0.21%) edged higher.

Stocks in Spotlight:

Shoppers Stop added 0.91% to Rs 463.70. The company has completed the sale of 19.50% of stake in Crossword. Accordingly, the company's equity stake in Crossword stands reduced to 29.50%.

Seamec shed 0.14% to Rs 1365.85. The company and its consortium partner, Posh India Offshore has entered into an deal with Larsen & Toubro for diving related and other associated work through deployment of its vessel, Seamec Princess, for ONGC work of Pipeline Replacement project VII.

SMS Lifesciences was locked in 20% upper circuit at Rs 947.75. The company on Friday announced that its manufacturing facility located at Sangareddy district in Telangana completed USFDA without any observations.

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