Sensex slumps 800 pts, Nifty tests 23,200; Concord Biotech shares jump 6%

The Nifty50 and the Sensex declined, tracking a decline in IT stocks amid uncertainties in the peace talks between the US and Iran.

As of 10:30 AM, the Nifty50 was down 238.45 points or 1.02 per cent at 23,243.90, while the Sensex fell 861.62 points or 1.15 per cent at 73,770.17.

Tata Consultancy Services, HCL Technologies, and Tech Mahindra were the top losers in the Nifty50.

In the broader markets, the Nifty MidCap, and the Nifty SmallCap were trading 0.67 per cent and 0.48 per cent down, respectively

Sector-wise, the Nifty IT emerged as the worst performer with over 4 per cent decline. The Nifty Realty and the Nifty PSU Bank also underperformed.

Meanwhile, the Nifty Metal outperformed with the least loss.

On the domestic front, investors will focus on the Reserve Bank of India’s Monetary Policy Committee’s three-day meeting, scheduled to start from Wednesday.

Iran has mined a large section of the Strait of Hormuz and fired at the commercial ships, US Secretary of State Marco Rubio said in its first appearance before the Senate Foreign Relations Committee.His statement fanned fears that the US and Iran are still far from reaching peace deal, and the conflict in West Asia may be prolonged.

IPO Today

Merritronix initial public offer (IPO) opened for subscription for the final day. It’s a book-build issue worth ₹70.03 crore, which consists entirely of a fresh issue.

CMR Green Technologies IPO opened for subscription on Wednesday. The company aims to raise ₹630.88 crore from the primary market. The issue price is ₹192 per share, and the lot size for the application is 78 shares.