Nifty slides below 22,450; IT shares tumble for 4rd day

The domestic equity benchmarks traded with modest losses in morning trade as investors reacted to rising tariff trade tensions and awaited a slew of domestic economic data, along with the crucial US Consumer Price Index (CPI) report. The Nifty traded below the 22,450 mark.

IT shares extended losses for the fourth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 195.68 points or 0.26% to 73,910.31. The Nifty 50 index lost 70.30 points or 0.31% to 22,427.60.

In the broader market, the S&P BSE Mid-Cap index fell 0.91% and the S&P BSE Small-Cap index shed 0.26%.

 

The market breadth was negative. On the BSE, 1,582 shares rose and 1,864 shares fell. A total of 190 shares were unchanged.

Buzzing Index:

The Nifty IT index tumbled 3.24% to 36,186.80. The index slumped 5.13% in four consecutive trading sessions.

Wipro (down 4.5%), Infosys (down 4.22%), HCL Technologies (down 3.39%), Persistent Systems (down 2.58%), Mphasis (down 2.46%), L&T Technology Services (down 2.39%), LTIMindtree (down 2.24%), Coforge (down 2.17%), Tata Consultancy Services (down 2.04%) and Tech Mahindra (down 1.70%).

Stocks in Spotlight:

Reliance Industries rose 0.10%. The company said that Jio Platforms (JPL) has entered into an agreement with SpaceX to offer Starlinks broadband internet services to its customers in India.

KPI Green Energy shed 0.14%. The company announced that its board has approved the appointment of Surinder Kumar Negi as the Chief Operating Officer (COO) of the company, effective from 12 March 2025.

SEPC soared 11.54% after the company announced the execution of a Framework Agreement with ROSHN Group, a leading real estate developer in Riyadh, Kingdom of Saudi Arabia (KSA).

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