Barometers pares gains; Nifty slides below 21,400; IT stocks under pressure

The benchmark indices gave up all the early gains and traded with minor losses in morning trade. The Nifty slipped below the 21,400 level. IT shares declined for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 166.36 points or 0.23% to 71,148.73. The Nifty 50 index lost 58.20 points or 0.27% to 21,360.45.

In the broader market, the S&P BSE Mid-Cap index slipped 0.63% and the S&P BSE Small-Cap index shed 0.01%.

The market breadth was strong. On the BSE, 1,760 shares rose and 1,700 shares fell. A total of 177 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 1.43% to 35,175.60. The index jumped 1.70% in two trading sessions.

L&T Technology Services Ltd (down 2.19%), Coforge Ltd (down 2.04%), Persistent Systems Ltd (down 2.01%), Wipro Ltd (down 1.71%), Mphasis Ltd (down 1.62%), Tech Mahindra Ltd (down 1.44%), LTIMindtree Ltd (down 1.36%), HCL Technologies Ltd (down 1.22%), Tata Consultancy Services Ltd (down 1.17%) and Infosys Ltd (down 1.03%) edged lower.

Stocks in Spotlight:

Devyani International jumped 4.80% after the company announced its entry into Thailand market through acquisition of equity stake in Restaurants Development Company and its holding companies.

PNC Infratech added 2.24%. The civil construction company announced that it has been declared as L1 (first lowest) bidder for a highway project in Madhya Pradesh, for a bid project cost of Rs 1,174 crore.

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