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Market Commentary - Mid-Session

Sensex, Nifty decline over 1%; IT shares tumble

24-Feb-2025, 10:32
The key equity indices traded with significant losses in morning trade as investors remained cautious amid negative global sentiment and FII selling. The Nifty traded below the 22,600 level. IT shares declined for fourth consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, declined 790.87 points or 1.05% to 74,522.80. The Nifty 50 index shed 240.80 points or 1.06% to 22,555.10.

In the broader market, the S&P BSE Mid-Cap index rose 1.13% and the S&P BSE Small-Cap index added 1.26%.

The market breadth was weak. On the BSE, 922 shares rose and 2,618 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty IT index declined 2.43% to 39,560.65. The index tumbled 4.59% in the four trading sessions.

L&T Technology Services (down 5.76%), Persistent Systems (down 3.91%), Mphasis (down 3.39%), HCL Technologies (down 2.86%) and Wipro (down 2.84%), LTIMindtree (down 2.59%), Coforge (down 2.31%), Tech Mahindra (down 1.92%), Infosys (down 1.9%) and Tata Consultancy Services (down 1.77%) declined.

Stocks in Spotlight:

Zaggle Prepaid Ocean Services shed 0.17%. The company has announced that it has entered into an agreement with Indus Towers to provide employee expense management and benefits services.

GHCL Textiles slipped 0.50% after the company announced that Gaurav V. has tendered his resignation from the position of chief financial officer (CFO), effective from 31 March 2025.

Coal India declined 1.57%, The company has announced that it has signed an agreement with EDF India, a wholly owned subsidiary of 'lectricit' de France (EDF), to form a joint venture.