The Nifty is trading at 23398.1 at 10:39 AM, showing resilience despite a sharp drag from IT stocks following disappointing quarterly cues and sector-specific profit-booking. Coforge, Tech Mahindra, and Infosys are leading the decline, pushing the Nifty IT index down nearly 4%, which is weighing on the broader market. However, TCS’s ₹122 crore AI-driven digital governance win from Odisha govt is offering isolated support, hinting at selective strength in large-cap IT amid the chaos.
Meanwhile, the September 9 top movers list shows Adani Enterprises up 5% while HDFC and LIC slip 4%, indicating a clear rotation toward infrastructure and energy plays over financials. This divergence suggests traders are reallocating capital based on near-term catalysts rather than broad market trends. With BTST candidates like Tata Motors and oil-linked stocks appearing in the watchlist, intraday volatility is likely to persist.
We recommend watching for a break above 23450 for bullish momentum or a drop below 23350 to confirm short-term weakness. Stay alert, manage risk, and avoid chasing extended moves in this choppy environment.
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