Nifty slides below 24,100; IT shares underperform

The frontline indices traded with modest losses in morning trade. The Nifty traded below the 24,100 level after hitting the days high 24,196.45 in early trade. IT shares declined after advancing in past two consecutive trading sessions.

At 10:28 IST, the barometer index, the S&P BSE Sensex declined 470.66 points or 0.59% to 79,470.61. The Nifty 50 index slipped 131.65 points or 0.54% to 24,057.

In the broader market, the S&P BSE Mid-Cap index rose 0.16% and the S&P BSE Small-Cap index gained 0.57%.

The market breadth was strong. On the BSE, 2,264 shares rose and 1,342 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 0.98% to 43,918.85. The index rallied 2.11% in past two consecutive trading sessions.

Tech Mahindra (down 1.68%), Wipro (down 1.55%), Tata Consultancy Services (down 1.34%), Infosys (down 1.26%), Coforge (down 0.82%), Mphasis (down 0.78%), HCL Technologies (down 0.56%), Persistent Systems (down 0.50%) and LTIMindtree (down 0.24%) advanced.

Stocks in Spotlight:

Rites advanced 2.80% after the company said that it has secured a locomotive repair order worth Rs 69.78 crore from Steel Authority of India (SAIL) for its Bhilai Plant in Chhattisgarh.

Capital Small Finance Bank rose 0.41%. The banks gross advances jumped by 19.20% to Rs 6,816 crore as on 31 December 2024 as against Rs 5,718 crore recorded as on 31 December 2023.

Adani Ports and Special Economic Zone shed 0.36%. The company stated that during December 2024, the company had handled 38.4 MMT of total cargo, which is higher by 8% on a year-on-year (YoY) basis.

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