Market trade lower; IT shares drop

The key equity indices traded with limited losses in the early afternoon trade, weighed down by persistent foreign fund outflows from Indian markets. The Nifty hovered below the 22,850 mark. IT shares witnessed selling pressure for seventh consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 364.71 points or 0.48% to 75,574.79. The Nifty 50 index slipped 103.15 points or 0.45% to 22,826.10.

In the broader market, the S&P BSE Mid-Cap index fell 0.76%, and the S&P BSE Small-Cap dropped 1.71%.

The market breadth was weak. On the BSE, 605 shares rose and 3,936 shares fell. A total of 118 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 6.22% to 15.95. The Nifty 27 February 2025 futures were trading at 22,900.50, at a premium of 74.4 points as compared with the spot at 22,826.10.

The Nifty option chain for the 27 February 2025 expiry showed a maximum call OI of 67.6 lakh contracts at the 23,500 strike price. Maximum put OI of 53.3 lakh contracts was seen at 23,000 strike price.

Buzzing Index:

The Nifty IT index declined 0.90% to 40,937.90. The index tumbled 4.84% in the past seven consecutive trading session.

L&T Technology Services (down 2.91%), Coforge (down 2.11%), Wipro (down 1.79%), Persistent Systems (down 1.6%) and Infosys (down 1.09%) were the top losers. Among the other losers were LTIMindtree (down 0.73%), Tech Mahindra (down 0.51%), Mphasis (down 0.47%), Tata Consultancy Services (down 0.35%) and HCL Technologies (down 0.03%) declined.

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