Image Source : FILE Business stock exchange building.
The Sensex and Nifty witnessed a downturn as IT stocks experienced selling pressure, coupled with continuous outflows of foreign funds. The benchmark BSE Sensex closes at 70,700.67, marking a decline of 359.64 points, or 0.51%. Earlier in the day, it saw a substantial drop of 741.27 points to 70,319.04. The Nifty falls by 101.35 points, or 0.47%, settling at 21,352.60, reflecting the overall market sentiment.
Tech Mahindra reports 6% drop, impacting Sensex
Tech Mahindra’s over-6% fall contributed to Sensex’s decline after the company disclosed a 60% decrease in net profit to Rs 510.4 crore in the December quarter.
Major laggards include Bharti Airtel, ITC, and HCL Technologies
Several prominent stocks, including Bharti Airtel, ITC, and HCL Technologies, witnessed a decline, contributing to the overall market downturn.
Gainers among Sensex stocks
NTPC, ICICI Bank, IndusInd Bank, Reliance Industries, JSW Steel, Bajaj Finance, Bajaj Finserv, and Mahindra & Mahindra buck the trend and emerge as gainers among Sensex-listed companies.
Global markets varied; FIIs offloaded equities
While Asian markets show positive signs, European markets are mostly lower. Foreign institutional investors (FIIs) offloaded equities worth Rs 6,934.93 crore on Wednesday, according to exchange data.
Oil prices surge
Global oil benchmark Brent crude risen by 1.02%, reaching USD 80.96 a barrel, impacting market sentiments.
The previous day’s performance
On Wednesday, the BSE benchmark gained 0.98%, closing at 71,060.31, and the NSE Nifty ended 1.01% higher at 21,453.95, contrasting with the current downward trend.
Also read | Stock markets update: Sensex plunges over 227 points in early trade, Nifty dips 55 points to 21,398
