The key equity indices pared some losses but traded in negative zone in morning trade, reflecting a widespread sell-off across global markets, fueled by increasing concerns about a potential U.S. recession. The Nifty traded above the 22,400 level. IT shares extended losses for the third consecutive trading session.
At 10:30 IST, the barometer index, the S&P BSE Sensex, slipped 161.86 points, or 0.22%, to 73,953.31. The Nifty 50 index lost 26 points, or 0.12%, to 22,434.30.
In the broader market, the S&P BSE Mid-Cap index fell 0.11%, and the S&P BSE Small-Cap index declined 1.19%.
The market breadth was weak. On the BSE, 1,052 shares rose and 2,460 shares fell. A total of 158 shares were unchanged.
Buzzing Index:
The Nifty IT index fell 1.44% to 37,101.70. The index surged 2.73% in three consecutive trading sessions.
Infosys (down 3.16%), Wipro (down 2.39%), L&T Technology Services (down 1.70%), Coforge (down 1.67%), Tech Mahindra (down 1.63%), Mphasis (down 1.44%), LTIMindtree (down 1.10%) and Tata Consultancy Services (down 0.27%) declined.
On the other hand, Persistent Systems (up 0.26%) and HCL Technologies (up 0.03%) edged higher.
Stocks in Spotlight:
NTPC shed 0.35%. The company announced that along with its subsidiary, NTPC Green Energy has signed multiple agreements worth Rs 96,000 crore with the Government of Chhattisgarh to develop nuclear, pumped hydro, and renewable energy projects in the state.
Syngene International shed 0.05%. The company has acquired its first biologics site in the USA – fitted with multiple monoclonal antibody (mAbs) manufacturing lines.
Ashoka Buildcon slipped 1.29%. The company announced that it has received letter of acceptance (LoA) worth Rs 311.92 crore from Maharashtra State Electricity Transmission Company (MSETCL) for the establishment of a substation in Nandgaon Peth, Amravati, Maharashtra.