IT, realty and media shares declined while private bank, financial services and auto stocks edged higher.

As per provisional closing, the barometer index, the S&P BSE Sensex, shed 72.56 points or 0.10% to 74,029.76. The Nifty 50 index lost 27.40 points or 0.12%, to 22,470.50.

In the broader market, the S&P BSE Mid-Cap index slipped 0.57% and the S&P BSE Small-Cap index declined 0.48%.

The market breadth was weak. On the BSE, 1,498 shares rose and 2,484 shares fell. A total of 140 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.70% to 13.69.

Buzzing Index:

The Nifty IT index slumped 2.91% to 36,310.65. The index tumbled 4.80% in four consecutive trading sessions.

L&T Technology Services (down 5.55%), Infosys (down 4.46%), LTIMindtree (down 3.64%), Wipro (down 3.49%), Tech Mahindra (down 2.79%), Coforge (down 2.48%), Mphasis (down 2.23%), Tata Consultancy Services (down 2.02%), HCL Technologies (down 1.97%) and Persistent Systems (down 0.96%) declined.

Infosys dropped 4.80% after a foreign broker downgraded its rating for the IT giant from overweight to equal-weight.

Stocks in Spotlight:

Bharti Airtel declined 0.95% while Reliance Industries rose 0.74%. Both the companies announced agreements with SpaceX to introduce Starlink's high-speed internet services to their Indian customers. However, both agreements are contingent upon SpaceX securing necessary authorizations to operate Starlink within India.

Adani Green Energy rallied 3.64% after the company announced that its wholly-owned step-down subsidiary, Adani Solar Energy Ap Eight, has commissioned a 250 MW solar power project at Kadapa, Andhra Pradesh.

Zydus Lifesciences slipped 1.23%. The pharma major said that it has received final approval from the United States Food and Drug Administration (US FDA) to manufacture Methenamine Hippurate Tablets.

Methenamine Hippurate tablets are indicated for prophylactic or suppressive treatment of frequently recurring urinary tract infections when long-term therapy is considered necessary.

Easy Trip Planners (EaseMyTrip) advanced 2.62% after the company announced a strategic partnership with Sukoon Unlimited, a leading premium senior care service provider, to offer exclusive travel benefits tailored to senior citizens.

SML Isuzu rose 0.18%. The firm said that it has received order from the Department of Military Affairs under the Ministry of Defence worth Rs 24.71 crore for the supply of a BS VI, 4-wheel drive troop carrier with 20 seats.

FSN E-Commerce Ventures (Nykaa) shed 0.87%. The company announced that it has incorporated a new wholly owned subsidiary, Nykaa Essentials, with its registered office in Mumbai, Maharashtra.

Kaynes Technology India lost 0.25%. The firm said that its managing director (MD), Ramesh Kunhikannan, received show cause notice (SCN) from Securities and Exchange Board of India (SEBI) for violating regulations.

Carysil hit an upper circuit of 20% after the company announced that it has entered into an agreement with KARRAN INC., USA, for the supply of Quartz kitchen sinks to fulfill requirements of new major U.S. home retail chain.

Sandur Manganese & Iron Ores slipped 2.49% after the company said that Krishnendu Sanyal has resigned from his position as chief executive officer (CEO) of the company due to personal reasons, effective from 10 March 2025.

Godrej Agrovet shed 0.39%. The company's board approved the acquisition of the remaining 48.06% stake in Creamline Dairy Products (CDPL) for total consideration of Rs 930 crore.

Rail Vikas Nigam (RVNL) rose 0.85%. The company announced that it has emerged as the lowest bidder (L1) for a significant road project from the National Highway Authority of India (NHAI) worth Rs 554.64 crore.

KPI Green Energy shed 0.26%. The company announced that its board has approved the appointment of Surinder Kumar Negi as the chief operating officer (COO) of the company, effective from 12 March 2025.

SEPC hit an upper circuit of 20% after the company announced the execution of a Framework Agreement with ROSHN Group, a leading real estate developer in Riyadh, Kingdom of Saudi Arabia (KSA).

Global Markets:

US Dow Jones index futures were up 158 points, indicating a strong opening in US stocks today.

European shares advanced on Wednesday after the European Union quickly reacted to U.S. President Trump's 25% tariffs on steel and aluminum imports by announcing counter-tariffs on Euro 26 billion ($28.33 billion) worth of U.S. goods, set to begin in April.

The move was aimed at protecting EU consumers and businesses. While the White House confirmed the tariffs would impact Canada, Australia, the EU, and others, it clarified that Trump no longer intended to raise tariffs on Canadian metals to 50%.

Asian stocks ended mixed after President Donald Trump downplayed recession concerns, helping US markets stage a late recovery following a volatile session.

Trump also ruled out any exemptions from steel and aluminum tariffs, despite strong lobbying efforts by Australian Prime Minister Anthony Albanese.

Japan's annual wholesale inflation hit 4% in February, slowing from the seven-month high of 4.2% the month before.

The latest reading is still well above the country's 2% inflation target and raises bets that the Bank of Japan will hike interest rates.

In the US on Tuesday, the S&P 500 slipped 0.76%, while the Dow Jones Industrial Average dropped 1.14%. The Nasdaq Composite edged 0.18% lower. Tesla Inc. rebounded 3.7% after a steep 15% drop on Monday, while Delta Air Lines Inc. extended its losses, plunging over 7% after issuing a profit warning.

Trade tensions escalated further as Trump unexpectedly raised tariffs on Canadian steel and aluminum imports to 50%, up from 25%, in response to Ontario's new 25% surcharge on electricity exports to the US. However, within hours, Ontario Premier Doug Ford agreed to suspend the surcharge and scheduled talks with US Commerce Secretary Howard Lutnick in Washington. In turn, Trump withdrew the tariff hike, restoring the original 25% rate on Canadian metals.

Investors now turn their attention to the upcoming US consumer price inflation report, a key indicator ahead of next week's Federal Reserve interest rate decision.

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