Bears Snub Bulls! Sensex Down 888 pts, Nifty Below 19,750; Infosys Tanks 8% - News18
[ad_1]
Sensex Today: The benchmarks snapped their 6-day winning run as as a weak Q1FY24 report card by IT bellwether Infosys triggered a rout in the IT stocks. That apart, profit booking in Reliance Industries, HUL, and private banks weighed on the sentiment. Investors lost nearly Rs 2 trillion in wealth today.
The S&P BSE Sensex plunged 888 points, or 1.3 per cent, to settle the session at 66,684. In the intra-day trade, it tanked over 1,000 points to hit a low of 66,534. On the NSE, the Nifty50 closed at 19,745, sinking 234 points or 1.17 per cent, It touched a low of 19,700 during the day.
Shares of Infosys crashed as much as 7.7 per cent as the company’s sharp downward revision in its growth guidance took most brokerages by surprise. In line with the cut in its FY24 revenue guidance (cc) to 1-3.5 per cent, brokerages have unanimously reduced FY24 EPS estimates for the company in the range of 2-4 per cent, though the Street is likely fearing even further downside, they say.
That apart, shares of HCL Tech, HUL, Reliance Industries, Wipro TCS, Tech M, JSW Steel, Ultratech Cement, IndusInd Bank, and M&M declined between 1 per cent and 3.5 per cent. On the upside, only eight stocks managed to eke out gains on the Sensex, led by L&T (up 4 per cent), NTPC, SBI, and Tata Motors.
The BSE MidCap index dropped 0.26 per cent, while the BSE SmallCap index added 0.13 per cent.
Among sectoral indices, the Nifty IT index shed 4 per cent, followed by the Nifty FMCG index (down 1 per cent). On the other hand, the Nifty PSU Bank, Media, and Auto indices were the only gainers, gaining up to 0.5 per cent.
Global Cues
Asian shares fell on Friday after Tesla and Netflix weighed on U.S. tech shares after their earnings reports, while the dollar and Treasury yields held their gains ahead of an action-packed week that could see the end of the U.S. tightening cycle.
Tokyo stocks opened lower on Friday after US high-tech shares dropped on selloffs in Tesla and Netflix, even as the Dow rose for the ninth straight session.The benchmark Nikkei 225 index was down 0.64 percent, or 208.31 points, at 32,282.21 in early trade, while the broader Topix index lost 0.21 percent, or 4.85 points, to 2,256.05.
The S&P 500 and Nasdaq fell on Thursday, weighed down by drops in Tesla and Netflix following their quarterly results, but the Dow advanced for a ninth straight day thanks to gains in Johnson & Johnson following a strong annual forecast.
Comments
Post a Comment