Benchmarks trade lower; IT shares drop

The key equity benchmarks pared early gains and traded with minor losses in morning trade. Investors are monitoring the tariff development, and ongoing corporate earnings. Nifty traded below the 25,200 level. Trading could be volatile due to expiry of weekly index options on the NSE.

IT shares declined after advancing in the past two trading sessions.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 180.94 points or 0.22% to 82,453.54. The Nifty 50 index fell 49 points or 0.20% to 25,163.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% and the S&P BSE Small-Cap index added 0.48%.

The market breadth was strong. On the BSE, 2,147 shares rose and 1,409 shares fell. A total of 224 shares were unchanged.

New Listing:

Shares of Smartworks Coworking Spaces were currently trading at Rs 461.50 at 10:35 IST on the BSE, representing a premium of 13.39% compared with the issue price of Rs 407.

The scrip was listed at Rs 436.10, exhibiting a premium of 7.15% to the issue price.

So far, the stock has hit a high of 1,128.90 and a low of 1,086. On the BSE, over 2.34 lakh shares of the company were traded in the counter so far.

Results Today:

Wipro (down 0.49%), Axis Bank (down 0.28%), 360 One WAM (up 0.57%), CEAT (up 0.18%), HDFC AMC (up 0.22%), Heritage Foods (up 0.48%), Indian Hotels Company (up 0.83%), Jio Financial Services(down 0.20%), LTIMindtree (down 1.82%), Newgen Software Technologies (up 0.11%), Nuvoco Vistas Corporation (up 0.62%), Polycab India (down 0.44%), Route Mobile (down 0.06%), Shoppers Stop (up 0.18%), South Indian Bank (down 0.16%), Sunteck Realty (up 0.14%), Sterling and Wilson Renewable Energy (up 1.85%), Tata Communications(up 0.68%), Waaree Renewable Technologies(up 1.29%) will declare their results later today.

Buzzing Index:

The Nifty IT index declined 0.59% to 37,438.55. The index jumped 1.04% in the past two trading sessions.

LTIMindtree (down 1.91%), Tech Mahindra (down 1.77%), Persistent Systems (down 0.95%), Wipro (down 0.91%), Infosys (down 0.75%) Coforge (down 0.7%), Mphasis (down 0.59%), HCL Technologies (down 0.25%) declined.

Stock in Spotlight:

Tech Mahindra declined 1.75% after the company reported a 2.24% decline in consolidated net profit to Rs 1,140.6 crore on a 0.25% fall in revenue from operations to Rs 13,351.2 crore in Q1 FY26 over Q4 FY25.

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