Sensex slides 611 pts, Nifty below 17,750 mark, IT stocks under pressure

The domestic equity barometers traded with deep cuts in the morning trade. The Nifty traded below the 17,750 mark. IT shares extended its losing streak for the fourth consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 610.6 points or 1.02% to 59,323.41. The Nifty 50 index lost 174.75 points or 0.98% to 17,702.65.

In the broader market, the S&P BSE Mid-Cap index fell 0.90% while the S&P BSE Small-Cap index declined 0.62%.

The market breadth was weak. On the BSE, 1,115 shares rose and 2,056 shares fell. A total of 142 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,270.68 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 928.86 crore in the Indian equity market on 15 September 2022, provisional data showed.

Buzzing Index:

The Nifty IT index slipped 2.12% to 27,145.50, extending its losing run for the fourth session. The index tumbled 6.82% in four trading sessions.

Tech Mahindra (down 2.97%), Tata Consultancy Services (down 2.11%), Mindtree (down 1.93%), Wipro (down 1.92%), Infosys (down 1.83%), Larsen & Toubro Infotech (down 1.83%), Coforge (down 1.78%), HCL Technologies (down 1.77%), Mphasis (down 1.4%) and L&T Technology Services (down 0.94%) slumped.

Infosys shed 1.83%. The IT major said that a meeting of the board of directors will be held on 12 and 13 October 2022 to consider and approve the audited standalone and consolidated financial results for the quarter and half year ending 30 September 2022. During the same period, the board will also consider declaration of interim dividend, if any. The financial results and proposal for interim dividend, if any, will be presented to the board of directors on 13 October 2022 for their approval.

Stocks in Spotlight:

Adani Ports and Special Economic Zone declined 0.39%. The company said that its wholly owned subsidiary HDC Bulk Terminal (HBTL) has signed a concession agreement with Syama Prasad Mookerjee Port, Kolkata (SMPK) for mechanization of Berth no. 2 at Haldia Port. In February this year, Adani Ports had informed about the receipt of a letter of award (LoA) from Syama Prasad Mookerjee Port, Kolkata, for development and operation of Berth no. 2 on design, build, finance, operate and transfer basis at Haldia Dock complex, Syama Prasad Mookerjee Port, Kolkata.

Tata Metaliks rallied 5.96%. The company inaugurated phase-I of expansion project of ductile iron (DI) pipe plant at Kharagpur. This Rs 600 crore expansion project will take the company's ductile iron pipe plant capacity to over 4 lakh tonnes per annum in two phases. The new plant is one of the most advanced DI pipe plants with high levels of automation & robotics to make the operations safe and efficient. This new plant will help the company expand its product range and enhance its presence in the fast-growing water infrastructure space that is witnessing a major thrust by the Govt of India through its Jal Jeevan Mission scheme.

SJVN advanced 3.24% after the state-owned utilities player awarded the contract for the construction of a 100 MW solar project at Raghanesda in Gujarat to Tata Power Solar Systems. Tata Power Solar Systems (TPSSL), a 100% subsidiary of Tata Power Renewable Energy (TPREL), received the 'Letter of Award' (LoA) of Rs 612 crore for setting up a 100 MW ground-mounted solar project for SJVN. The LoA was awarded through tariff-based competitive bidding. The project will get commissioned within 11 months from the date of receiving of LoA.

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