Sensex, Nifty at the low point of the day; IT stocks decline

The key equity benchmarks pared all gains and were at the low point of the day in morning trade. The Nifty traded tad above the 17,600 mark. IT shares declined across the board.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 179.64 points or 0.30% to 59,066.34. The Nifty 50 index lost 56.35 points or 0.32% to 17,609.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index lost 0.09%.

The market breadth was negative. On the BSE, 1523 shares rose and 1628 shares fell. A total of 145 shares were unchanged.

As China cemented its efforts to boost the economy, investors looked forward to a meeting of the Reserve Bank of Australia scheduled for later in the day, as a rate hike is widely expected.

Meanwhile, the European Central Bank will meet on Thursday for discussions over interest rate hike actions, followed by a US Fed Res meeting scheduled on 21 September 2022.

Buzzing Index:

The Nifty IT index shed 0.71% to 27,639.45. The index had gained 0.33% to end at 27,836.60 yesterday.

Tech Mahindra (down 0.86%), Wipro (down 0.63%), Infosys (down 0.53%), HCL Technologies (down 0.48%) and L&T Technology Services (down 0.42%) were the top index losers.

Among the other losers were Tata Consultancy Services (down 0.4%), Mindtree (down 0.34%), Larsen & Toubro Infotech (down 0.26%), Coforge (down 0.24%).

Stocks in Spotlight:

Kalpataru Power Transmission (KPTL) rallied 8.06% after the company and its international subsidiaries has secured new orders or notification of awards worth Rs 1,345 crore.

NTPC rose 1.10%. The company said that it has acquired Jhabua Power Company having operational capacity of 600 MW for Rs 925 crore.

Reliance Power gained 2.58%. The company said that its board will meet on Thursday, 8 September 2022 to consider and approve raising of long term resources from domestic and/or global markets.

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