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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.

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

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.

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

 

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.


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




Also Read: Twitter again accused of legal violations during mass layoffs









 

 

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