Nifty below 23,550 mark; IT shares decline

The key equity indices traded with minor losses in morning trade as investors remained cautious amid uncertainty surrounding US President Donald Trump's tariff plan. The Nifty traded below 23,550 mark.

IT shares declined after advancing in the past trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, declined 246.16 points or 0.31% to 77,368.30. The Nifty 50 index fell 62.40 points or 0.26% to 23,529.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.29% and the S&P BSE Small-Cap index added 0.55%.

The market breadth was weak. On the BSE, 2,215 shares rose and 1,308 shares fell. A total of 183 shares were unchanged.

Buzing index:

The Nifty IT index declined 1.33% to 37,049.50. The index jumped 0.57% in the past trading session.

Wipro (down 1.98%), Infosys (down 1.78%), LTIMindtree (down 1.67%), HCL Technologies (down 1.15%), Tata Consultancy Services (down 1.13%), Mphasis (down 1.01%), Tech Mahindra (down 0.74%) and Persistent Systems (down 0.53%) declined.

Stocks in Spotlight:

BEML rallied 7.10% after the company announced that it has secured a metro car supply and maintenance contract from Bengaluru Metro Rail Corporation (BMRCL) worth Rs 405 crore.

Jio Financial Services rose 0.97%. The company has subscribed to 8.5 crore equity shares of Jio Payments Bank for Rs 85 crore. This investment is made to fund the business operations of Jio Payments Bank. Post this investment, the companys holding in Jio Payments Bank will increase from 82.17% to 85.04%. Additionally, the company has acquired 1.73 crore equity shares of its subsidiary Jio Finance for Rs 1,000.24 crore. Jio Finance will utilize the proceeds to fund its business operations.

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