Barometers erase all gains; IT shares tumble

The domestic equity benchmarks pared all gains and traded with minor losses in early-afternoon trade. The Nifty traded below the 22,550 mark. IT shares declined after advancing in the past two consecutive trading sessions.

At 12:26 IST, the barometer index, the S&P BSE Sensex, slipped 60.65 points, or 0.08%, to 74,287.53. The Nifty 50 index lost 10.85 points, or 0.05%, to 22,533.85.

In the broader market, the S&P BSE Mid-Cap index shed 0.42% and the S&P BSE Small-Cap index added 0.62%.

The market breadth was strong. On the BSE, 2,436 shares rose and 1362 shares fell. A total of 157 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.49% to 13.66. The Nifty 27 March 2025 futures were trading at 22,633.70, at a premium of 99.85 points as compared with the spot at 22,533.85.

The Nifty option chain for the 27 March 2025 expiry showed a maximum call OI of 57 lakh contracts at the 23,000 strike price. Maximum put OI of 74 lakh contracts was seen at 22,000 strike price.

Buzzing Index:

The Nifty IT index fell 1.32% to 37,640.20. The index rallied 2.32% in two consecutive trading sessions.

Infosys (down 2.12%), Mphasis (down 1.82%), LTIMindtree (down 1.50%), L&T Technology Services (down 1.23%), HCL Technologies (down 1.21%), Tech Mahindra (down 0.96%), Persistent Systems (down 0.70%), Wipro (down 0.56%) and Tata Consultancy Services (down 0.03%) declined.

Stocks in Spotlight:

Kamat Hotels surged 10.02% after the company signed an agreement for the management and operations of the Orchid Hotel in Rishikesh, Uttarakhand.

J.Kumar Infraprojects advanced 2.17% after the company announced it had received a Letter of Award (LoA) worth Rs 120.87 crore from Mumbai Railway Vikas Corporation (MRVC) for the construction of major bridges.

Brigade Enterprises added 1.16% after the company announced the launch of its premium residential project Brigade Altius in Sholinganallur, Chennai, and the project has a revenue potential of Rs 1,700 crore.

Rites rallied 3.48% after the company announced that it has received a letter of acceptance (LoA) worth Rs 27.96 crore from South Central Railway for high-speed rail corridor survey.

Powered by Capital Market - Live News