Sensex drops 632 pts; IT shares drop

The frontline equity benchmarks traded with substantial losses in the mid-morning trade, as fading hopes of a sustained USIran ceasefire weighed on investor sentiment. Market participants are also closely watching the start of the fourth-quarter earnings season, with Indias largest IT services firm, TCS, set to announce its results after market hours today, alongside companies such as GM Breweries and Anand Rathi Wealth. Volatility remained elevated due to the weekly expiry of Sensex F&O contracts. The Nifty slipped below the 23,850 mark during the session. IT shares witnessed correction after advancing in the past five consecutive trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, declined 632.13 points or 0.83% to 76,930.77. The Nifty 50 index fell 154.75 points or 0.65% to 23,842.95.

 

In the broader market, the BSE 150 MidCap Index rose 0.10% and the BSE 250 SmallCap Index rallied 0.57%.

The market breadth was positive. On the BSE, 2,379 shares rose and 1,572 shares fell. A total of 191 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 3.24% to 20.34.

IPO Update:

The initial public offer (IPO) of Om Power Transmission received bids for 11,64,415 shares as against 60,02,730 shares on offer, according to stock exchange data at 11:15 IST on Thursday (09 April 2026). The issue was subscribed 0.19 times.

The issue opened for bidding on 09 April 2026 and will now close on 13 Apri 2026. The price band of the IPO is fixed between Rs 166 and 175 per share.

Buzzing Index:

The Nifty IT index dropped 0.84% to 31,302. The index soared 8.61% in the past five consecutive trading sessions.

Coforge (down 2.15%), Infosys (down 1.72%), HCL Technologies (down 1.46%), LTIMindtree (down 0.98%), Oracle Financial Services Software (down 0.70%), Persistent Systems (down 0.58%), Tech Mahindra (down 0.52%), Mphasis (down 0.07%) and Wipro (down 0.03%) declined.

Stocks in Spotlight:

HBL Engineering shed 0.20%. The company said that it has received a domestic contract from Patiala Loco Works (PLW), Punjab, for the supply, testing, and commissioning of Onboard KAVACH equipment (Ver. 4.0).

Bosch rallied 3.62% after the company signed share purchase agreement to acquire 100% stake in Bosch Chassis Systems India for total consideration not exceeding Rs 9,068.68 crore.

Honasa Consumer gained 3.58% after the company said that it expects the business to deliver growth in late twenties during Q4 FY26, driven by strong growth across focus categories.

Global Markets:

Asian markets traded lower on Thursday, as investors fret over news that Irans parliamentary speaker charged the U.S. of breaching the terms of the two-week ceasefire agreement.

On Wednesday, U.S. President Donald Trump had announced a double sided ceasefire, more than a month into a war with Iran.

The ceasefire was contingent on Iran agreeing to reopen the Strait of Hormuz. Tehran had said that it would stop "defensive operations if attacks on the country were halted, according to a statement from Irans Foreign Minister. Israel has also agreed to the ceasefire, media reports said.

As per reports, Irans parliamentary speaker Mohammed Bagher Ghalibaf subsequently accused the U.S. of violating the ceasefire deal. The violations are the denial of the Islamic Republics right to enrich uranium and Israels continued attacks on Lebanon, a drones entry into Iranian airspace, he reportedly said.

Overnight in the U.S., stocks surged after President Donald Trump suspended attacks on Iran for two weeks, pausing a five-week conflict that closed a crucial waterway for global energy supplies.

The Dow Jones Industrial Average ripped 1,325.46 points higher, or 2.85%, to 47,909.92. The S&P 500 popped 2.51% to 6,782.81, and the Nasdaq Composite surged 2.80% to 22,635.