Sensex slides 413 pts; IT shares drop for 2nd day

The key equity indices continued to trade with moderate losses in early afternoon trade. The Nifty slipped below the 23,900 level after hitting the day's high of 24,065.80 in morning trade. IT shares extended losses for the second consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, dropped 413.22 points or 0.52% to 78,804.83. The Nifty 50 index lost 112.70 points or 0.47% to 23,839.

In the broader market, the S&P BSE Mid-Cap index declined 0.54% and the S&P BSE Small-Cap index fell 0.35%.

The market breadth was negative. On the BSE, 1,893 shares rose and 1,908 shares fell. A total of 144 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.65% to 14.75. The Nifty 26 December 2024 futures were trading at 23,888.55, at a premium of 49.55 points as compared with the spot at 23,839.

The Nifty option chain for the 26 December 2024 expiry showed a maximum call OI of 128.4 lakh contracts at the 25,000 strike price. Maximum put OI of 89 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty IT index declined 1.58% to 44,245.65. The index fell 2.81% in two consecutive trading sessions.

LTIMindtree (down 3.54%), L&T Technology Services (down 2.54%), Mphasis (down 2.5%), Persistent Systems (down 1.94%), Tech Mahindra (down 1.77%), Coforge (down 1.12%), Tata Consultancy Services (down 0.83%), HCL Technologies (down 0.68%), Wipro (down 0.58%) and Infosys (down 0.27%) slipped.

Stocks in Spotlight:

MTAR Technologies jumped 7.74% after the company announced that it has received Rs 226 crore of orders in clean energy and aerospace segments.

ITCONS E-Solutions fell 1.99%. The company said that it has secured a new work order worth Rs 3.61 crore to provide manpower services on a contractual basis from Central Warehousing Corporation (CWC) Kochi, Kerala.

Tolins Tyres shed 0.44%. The company informed that it has approved the appointment of Sojan C. S. as chief financial officer (CFO) and key managerial personnel of the company with effect from 19 December 2024.

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