• Sensex and Nifty close down as IT firms plummet; Infosys is down 10%

    Business
    Sensex and Nifty close down as IT firms plummet; Infosys is down 10%

    The Nifty IT index was the biggest loser, down 4.71 percent at the close. However, most other sectoral indexes rose, led by PSU banks, FMCG, oil and gas, and real estate.

    Digital Desk: Benchmark
    stock market
    indices finished lower on Monday, although reducing early losses,
    as IT stocks failed to recover. This ended a nine-day winning streak in
    domestic markets.



    The S&P BSE Sensex
    dropped 520.25 points to 59,910.75, while the NSE Nifty 50 declined 121.15
    points to 17,706.85. While certain broad market indices rose, overall market
    momentum was muted due to increasing volatility.



    The Nifty IT index was the
    biggest loser, down 4.71 percent at the close. However, most other sectoral
    indexes rose, led by PSU banks, FMCG, oil and gas, and real estate.



    Nestle India outperformed
    the Nifty 50 index, rising 3.90 percent. Other notable gainers included Power
    Grid Corporation, SBI, Britannia, and Coal India.



    color:black">The leading losers on the 50-share index were IT firms, led by
    Infosys, Tech Mahindra, and HCL Tech.



    color:black">The drop in IT stocks follows a weaker-than-expected
    fourth-quarter performance by Tata Consultancy Services (TCS) and Infosys, two
    of India's largest IT corporations.



    color:black">Both reported lower-than-expected earnings, but analysts were more
    concerned about the future for international demand.



    color:black"> 



    color:black">Though TCS' demand outlook improved, management remains cautious
    about the future in the aftermath of this year's tight global economic environment,
    which has been exacerbated by recent banking instability in the US.

    color:black">



    color:black">Domestic stock markets were also hurt by global market downturn,
    since there is growing concern about the potential of a US recession.

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    color:black">Also Read: Twitter again accused of legal violations during mass layoffs











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