Sensex drops 218 pts; IT shares tumble

The domestic equity indices traded with minor losses in morning trade, as market sentiment was dampened by US President Donald Trumps decision to implement tariffs on Canada and Mexico starting today, along with Canadas retaliatory tariffs on US goods. The Nifty traded below the 22,100 level. IT shares declined after advancing for the previous trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, declined 218.03 points or 0.29% to 72,870.64. The Nifty 50 index fell 61.85 points or 0.28% to 22,057.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index added 1.22%.

 

The market breadth was positive. On the BSE, 2,314 shares rose and 1,249 shares fell. A total of 172 shares were unchanged.

Buzzing Index:

The Nifty IT index shed 0.91% to 19,795.90. The index added 0.79% in previous trading sessions.

LTIMindtree (down 2.81%), Persistent Systems (down 1.73%), HCL Technologies (down 1.55%), Infosys (down 1.44%), Tech Mahindra (down 1.11%), L&T Technology Services (down 0.74%), Mphasis (down 0.55%), and Wipro (down 0.34%) declined.

On the other hand, Tata Consultancy Services (up 0.55%), Coforge (up 0.07%) added.

Stocks in Spotlight:

REC added 1.56% after the companys board will consider a revision of the Market Borrowing Programme for FY25 on March 27.

Wendt (India) jumped 7.49% after the companys board approved to incorporate a wholly owned subsidiary in Germany, aiming to expand its business in Europe and provide services catering to the machine building/superabrasive customers in Europe.

CEAT rose 0.58%. The company has received the certificate of incorporation for its subsidiary in Sri Lanka, CEAT OHT Private, signaling a regional expansion.

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