The headline equity indices traded near the flat line with some negative bias in morning trade. The Nifty traded below the 18,650 mark after hitting the day's high of 18,676.65 in early trade. IT stocks extended losses for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 34.01 points or 0.05% to 62,814.63. The Nifty 50 index shed 12.40 points or 0.07% to 18,622.15.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.33% while the S&P BSE Small-Cap index rose 0.23%.

The market breadth was positive. On the BSE, 1,859 shares rose and 1,346 shares fell. A total of 144 shares were unchanged.

Buzzing Index:

The Nifty IT index declined 0.73% to 28,383.65. The index fell 1.83% in two trading sessions.

Persistent Systems Ltd (down 0.99%), Infosys Ltd (down 0.83%), Mphasis Ltd (down 0.81%), Tech Mahindra Ltd (down 0.59%), Wipro Ltd (down 0.56%), HCL Technologies Ltd (down 0.22%) and Tata Consultancy Services Ltd (down 0.18%) edged lower.

On the other hand, L&T Technology Services (up 0.31%) and Coforge (up 0.15%) advanced.

Stocks in Spotlight:

Urja Global hit an upper limit of 20% after the company said it will manufacture and supply batteries under the Tesla Power USA brand.

Blue Dart Express rose 0.65%. The company announced that its board has approved the appointment of Sudha Pai as chief financial officer (CFO) and key managerial personnel (KMP) of the company effective from 1 September 2023.

IRB Infrastructure Developers rose 1.79% after the company and its subsidiary collectively registered 20% growth in gross collection to Rs 411.15 crore in May 2023 as compared with Rs 343.50 crore in May 2022.

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