SENSEX, NIFTY PARE LOSSES; IT SHARES DECLINE

The domestic equity benchmarks reversed all gains and traded with major losses in mid-morning trade. The Nifty tanked below the 24,100 level. IT shares extended losses for the second consecutive trading session. Trading could be volatile due to the monthly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex, tumbled 767.22 points or 0.95% to 79,469.24. The Nifty 50 index slipped 221.70 points or 0.90% to 24,056.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% and the S&P BSE Small-Cap index rose 0.41%.

The market breadth was strong. On the BSE, 2,254 shares rose and 1,463 shares fell. A total of 162 shares were unchanged.

Buzzing Index:

The Nifty IT index fell 2.06% to 43,113.95. The index slipped 2.10% in two consecutive trading sessions.

Infosys (down 2.7%), Tech Mahindra (down 2.53%), L&T Technology Services (down 2.34%), Mphasis (down 1.89%) and HCL Technologies (down 1.85%), Wipro (down 1.55%), LTIMindtree (down 1.45%), Persistent Systems (down 1.3%), Tata Consultancy Services (down 1.22%) and Coforge (down 0.55%) slipped.

Stocks in Spotlight:

Waaree Renewable Technologies hit an upper circuit of 5% after the company informed that it has received an order worth Rs 1,233.47 crore to set up a ground-mount solar photovoltaic (PV) project of 2,012.47 MWp DC capacity.

Dr Reddy`s Laboratories fell 0.83%. The company has announced the launch of Toripalimab in India, a new biological entity (NBE) that is used for the treatment of adults with recurrent or metastatic nasopharyngeal carcinoma (RM-NPC).

Global Markets:

The Dow Jones index futures were up 77 points, signaling a positive opening for U.S. stocks today.

Asian stocks traded mixed on Thursday as investors adopted a cautious stance ahead of the US Thanksgiving holiday.

In a surprise move, South Korea`s central bank lowered interest rates by 25 basis points. The bank cited concerns about slowing economic growth in the coming year.

US stocks ended lower on Wednesday, weighed down by a combination of economic data releases and holiday-related trading. The S&P 500 declined 0.4%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average closed 0.3% lower.

The October PCE price index, the Fed`s preferred inflation gauge, rose 2.8% year-over-year, remaining above the Fed`s 2% target.

The US economy expanded at a 2.8% annual pace in the third quarter, driven by strong consumer spending and export growth.

Initial jobless claims dropped 2,000 to a seasonally adjusted 213,000 for the week ended November 23, indicating a tight labor market.

On the corporate front, HP slid 11% after the information technology company issued disappointing guidance for 2025, while Dell Technologies tumbled over 12% after the PC manufacturer offered up a disappointing revenue outlook for the current quarter despite bullish commentary from the company on AI sales growth.

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