Nifty trades below 26,150 mark; IT shares rally for 2nd day

The key equity indices traded minor cuts in the mid-morning as geopolitical tensions and tariff-related concerns tempered optimism over the earnings outlook, keeping the Sensex and Nifty just shy of record highs.

The Nifty traded below 26,150 mark. IT shares extended gains for second consecutive trading sessions.

At 11:29 ST, the barometer index, the S&P BSE Sensex, declined 120.12 points or 0.15% to 84,938.44. The Nifty 50 index fell 32.50 points or 0.09% to 26,146.20.

In the broader market, the S&P BSE Mid-Cap index added 0.30% and the S&P BSE Small-Cap index rose 0.04%.

The market breadth was positive. On the BSE, 1,983 shares rose and 1,836 shares fell. A total of 22 shares were unchanged.

Buzzing Index:

The Nifty IT index added 1.51% to 38,549.05. The index added 2.59% in the two consecutive trading session.

Persistent Systems (up 2.92%), Wipro (up 2.37%), LTIMindtree (up 2.19%), Coforge (up 1.85%), Tech Mahindra (up 1.76%), HCL Technologies (up 1.59%), Oracle Financial Services Software (up 1.55%), Infosys (up 1.3%), Tata Consultancy Services (up 0.96%) and Mphasis (up 0.94%) added.

Stocks in Spotlight:

Titan Company rose 4.29% after the company reported a strong business update for Q3 FY26, led by robust growth in its jewellery segment and a sharp expansion in international operations.

Jubilant FoodWorks fell 1.15%. The company said its consolidated revenue from operations stood at Rs 2,438.7 crore in Q3 FY26, registering a 13.4% year-on-year (YoY) increase.

IRB Infrastructure Developers added 1.17% after the company has emerged as the selected bidder and received an LoA from the National Highways Authority of India (NHAI) for tolling, operation, maintenance, and transfer of the Chandikhole'Bhadrak section of NH-16 in Odisha.

Global Markets:

Asian market traded mixed, with regional defense stocks snapping two-day winning streak on Wednesday, as investors continued to assess geopolitical risks after the U.S. attack on Venezuela and renewed rhetoric over Greenland.

White House press secretary Karoline Leavitt reportedly said on Tuesday that President Donald Trump and his team were considering 'a range of options' in order to acquire Greenland ' including 'utilizing the U.S. Military.'

The statement further escalates the Trump administration's already aggressive rhetoric about Greenland, which the president has long sought to make a part of the United States.

U.S. crude futures fell 1.3% to $56.39 per barrel after U.S. President Donald Trump said that Venezuela would transfer between 30 million and 50 million barrels of oil to the United States. The remarks followed a weekend operation in which U.S. forces seized former leader Nicol's Maduro.

Overnight in the United States, stocks advanced as investors appeared to look past the Venezuela operation.

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