Sensex tanks 848 pts; IT shares tumble

The frontline equity benchmarks witnessed significant losses during morning trade, as rising uncertainty surrounding the Iran-US conflict, persistent foreign institutional investor (FII) selling, and other market headwinds weighed on investor sentiment. The Nifty slipped below the 23,250 mark. IT stocks declined sharply after gaining in the previous three consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex, dropped 848.36 points or 1.13% to 73,801.48. The Nifty 50 index tumbled 240.35 points or 1.02% to 23,244.75.

In the broader market, the BSE 150 MidCap Index fell 0.84% and the BSE 250 SmallCap Index slipped 0.47%.

The market breadth was strong. On the BSE, 1,393 shares rose and 2,253 shares fell. A total of 210 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 5.77% to 16.24.

Buzzing Index:

The Nifty IT index slumped 4.84% to 29,609.55. The index soared 7.64% in the past three consecutive trading sessions.

Tata Consultancy Services (down 6.84%), LTM (down 6.65%), Persistent Systems (down 5.18%), Tech Mahindra (down 4.63%), Coforge (down 4.09%), Infosys (down 3.84%), HCL Technologies (down 3.50%), Mphasis (down 3.30%), Oracle Financial Services Software (down 1.43%) and Wipro (down 1.07%) declined.

Stocks in Spotlight :

Concord Biotech jumped 5.73% after the company received an approval from the U.S. Food and Drug Administration (USFDA) for its ANDA, Mycophenolate Mofetil for oral suspension USP, 200 mg/mL.

Epack Prefab Technologies surged 12.49% after the company announced the receipt of a domestic order worth Rs 164.99 crore for cell and module manufacturing along with pre-engineered building (PEB) works.

Advait Energy Transitions soared 12.49% after its wholly owned subsidiary, Advait BESS Bhesaan, executed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam (GUVNL).

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