Nifty below 17,350 mark; IT stocks decline

The domestic equity indices continued to trade with moderate losses in mid-afternoon trade. The Nifty traded below the 17,350 mark. IT stocks declined for five consecutive sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 331.41 points or 0.56% to 59,132.52. The Nifty 50 index lost 121.65 points or 0.70% to 17,344.15.

In the broader market, the S&P BSE Mid-Cap index fell 1.03% while the S&P BSE Small-Cap index slipped 1.36%.

Sellers outnumbered buyers. On the BSE, 837 shares rose and 2,671 shares fell. A total of 185 shares were unchanged.

A stronger-than-expected U.S. inflation, possibility of further rate hikes and a more hawkish Federal Reserve coupled with uncertainty over the recovery of the Chinese economy weighed on investor sentiment.

Numbers to track:

The yield on India's 10-year benchmark federal paper advanced to 7.438 from 7.419 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.8350, compared with its close of 82.7550 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement fell 0.09% to Rs 55,384.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.11% to 105.09.

The United States 10-year bond yield shed 0.19 % to 3.941.

In the commodities market, Brent crude for April 2023 settlement rose 20 cents or 0.24% to $83.36 a barrel.

Buzzing Index:

The Nifty IT index declined 2.13% to 29,864.15. The index shed 4.35% in the past five trading sessions.

Mphasis (down 7.04%), Infosys (down 2.94%), Coforge (down 2.89%), Persistent Systems (down 2.1%) and Tata Consultancy Services (down 2.07%), L&T Technology Services (down 1.83%), LTI Mindtree (down 1.49%), HCL Technologies (down 1.17%), Wipro (down 1.14%) and Tech Mahindra (down 0.6%) declined

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