The key equity benchmarks traded with moderate cuts in the early afternoon trade, as market sentiment remained cautious due to continued FII (Foreign Institutional Investor) selling and the monthly Sensex expiry. The Nifty traded below the 25,000 level. IT shares extended losses for a fifth consecutive session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, slipped 217.98 points or 0.27% to 81,497.65. The Nifty 50 index lost 76.50 points or 0.31% to 24,980.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.15% and the S&P BSE Small-Cap index declined 0.36%.

The market breadth was negative. On the BSE, 1,624 shares rose and 2,330 shares fell. A total of 170 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 2.51% to 10.79. The Nifty 30 September 2025 futures were trading at 25,025.80, at a premium of 45.4 points as compared with the spot at 24,980.40.

The Nifty option chain for the 30 September 2025 expiry showed a maximum call OI of 183 lakh contracts at the 25,100 strike price. Maximum put OI of 143 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty IT index fell 0.68% to 34,807.70. The index dropped 5.29% in the five consecutive trading sessions.

Tata Consultancy Services (down 1.32%), HCL Technologies (down 1.14%), Wipro (down 0.86%), Coforge (down 0.67%), Oracle Financial Services Software (down 0.54%), LTIMindtree (down 0.27%), Tech Mahindra (down 0.22%), Persistent Systems (down 0.2%), Infosys (down 0.18%) and Mphasis (down 0.03%) fell.

Stocks in Spotlight:

Maharashtra Seamless added 1.17% after the company secured a domestic order worth approximately Rs 256 crore for the supply of seamless pipes to the oil and gas sector.

Jaykay Enterprises jumped 5.19% after the company announced its joint venture entity, J K Phillips LLP, has received a letter of acceptance (LoA) from Ircon International for a contract value of Rs. 139.48 crore.

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