Bloodbath on D-Street! IT stocks drag Sensex over 650 points lower, Nifty below 19,800
Synopsis
Among Sensex stocks, Infosys was the top loser, falling over 8%. HCL Tech, Wipro, Tech Mahindra, HUL, TCS, and Reliance also opened with losses. On the other hand, L&T, Kotak Bank, SBI, Nestle, M&M, and Titan opened with gains.
Among Sensex stocks, Infosys was the top loser, falling over 8%. HCL Tech, Wipro, Tech Mahindra, HUL, TCS, and Reliance also opened with losses. On the other hand, L&T, Kotak Bank, SBI, Nestle, M&M, and Titan opened with gains.
Among individual stocks, Tanla Platforms opened 7% higher as the company reported a rise in consolidated net profit in the first quarter. Shares of Union Bank also opened 4% higher as the lender reported a rise in June quarter net profit, and asset quality improves sequentially.
On the sectoral front, Nifty IT dropped over 3%, and Nifty FMCG declined 0.51%. Whereas, Banks, financial, auto, media, pharma, and healthcare sectors opened with gains. In the broader market, Nifty Midcap 100 fell 0.15%, while Nifty Smallcap 100 gained 0.30%.
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Global Markets
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.
Asian equities declined, following weakness in Wall Street overnight, as lacklustre earnings from Tesla and Netflix and concerns of prolonged high-interest rate regime in the US weighed on sentiment. Japan's Nikkei 225 fell 0.21%.
US job market remains robust
In US economic data, weekly jobless benefit claims data showed the number of Americans applying for first-time unemployment benefits fell to a two-month low. The Fed next week is widely expected to deliver a 25 basis points rate hike.
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Oil prices rise
Oil prices rose on Friday as markets weigh lower US crude inventories and tapering interest rate hikes against weak Chinese economic data that could cap demand. Brent futures rose 60 cents to $80.24 a barrel, while US West Texas Intermediate (WTI) crude climbed 59 cents to $76.24 a barrel.
Rupee falls
The Indian rupee fell 11 paise to $82.20 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.09% to 100.78 level.
(With inputs from agencies)
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