Market Commentary - Mid-Session
Sensex slides 200 pts; IT shares slides As on : 18-Sep-24  14:32

The key equity benchmarks traded with minor losses in mid-afternoon trade. The Nifty traded below the 25,350 mark after hitting the day's high of 25,482.20 in afternoon trade. IT stocks extended losses for the three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex was down 200.09 points or 0.23% to 82,883.53. The Nifty 50 index fell 76.20 points or 0.30% to 25,342.35.

The Sensex and Nifty clocked an all-time high of 83,326.38 and 25, 25,482.20, respectively in afternoon trade.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.88% and the S&P BSE Small-Cap index declined 0.60%.

The market breadth was weak. On the BSE, 1,399 shares rose and 2,517 shares fell. A total of 116 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 3.55% to 41,873.05. The index declined 3.50% in the two consecutive trading sessions.

Mphasis (down 6.23%), Persistent Systems (down 4.19%), L&T Technology Services (down 4.03%), Tata Consultancy Services (down 3.89%), Tech Mahindra (down 3.62%), HCL Technologies (down 3.61%), Infosys (down 3.58%), Wipro (down 3.14%), Coforge (down 2.81%) and LTIMindtree (down 1.78%) slipped.

Numbers to Track:

MCX Gold futures for 4 October 2024 settlement fell 0.05% to Rs 73,057.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 100.80.

The United States 10-year bond yield added 0.64% to 3.667.

In the commodities market, Brent crude for November 2024 settlement lost 79 cents or 1.07% to $72.91 a barrel.

Stocks in spotlight:

REC rose 0.17%. The company said that it has signed non-binding memorandum of understandings (MoUs) with Renewable Energy (RE) developers aggregating about Rs 1.12 lakh crore, which will be implemented over a period of 5 years.

Welspun Living added 1.17% after its subsidiary, Welspun USA Inc has approved acquisition and investment of $300,000 in, a newly incorporated company, Christy Home Inc on 17 September 2024.

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