Losses at ICICI Bank and TCS drive down the Sensex and Nifty.

ICICI Bank and TCS Losses Weigh Heavily on Sensex and Nifty, Dragging Markets Down

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: October 11, 2024

Summary: The majority of Asian markets were trading higher, with Japan's Nikkei climbing 0.3%, Hong Kong's Hang Seng up 3%, and South Korea's KOSPI up 0.33%.

The Indian equity benchmarks fell on Friday, weighed down by losses at index heavyweights such as ICICI Bank, HDFC Bank, Tata Consultancy Services, Bharti Airtel, and Larsen & Toubro. The Sensex plummeted 193 points, and the Nifty 50 index dipped below 25,000, an important psychological milestone.

The majority of Asian markets, including Taiwan Weighted up 0.21 percent, South Korea's KOSPI up 0.33 percent, Hong Kong's Hang Seng up 3 percent, and Japan's Nikkei up 0.3 percent, were all trading higher at the same time.

Wall Street's major indexes fell in overnight trading on Thursday as investors sought clues about the status of the US economy and the direction of interest rates from higher-than-expected inflation and unemployment claims.

The Nasdaq Composite dropped 9.57 points, or 0.05 percent, to 18,282.05. The S&P 500 dropped to 5,780.05, a loss of 11.99 points, or 0.21 percent. The Dow Jones Industrial Average decreased 0.14 percent, or 57.88 points, to 42,454.12.

At 9:22 a.m. in India, the Nifty 50 index had dropped 25 points to 24.973 and the Sensex had dropped 127 points to 81,484.

The National Stock Exchange's 13 sector gauges were trading down, with the Nifty Financial Services index seeing a 0.5% decline. The Realty, Nifty Bank, and Private Bank indices were all experiencing negative bias in their trade.

However, there was buying interest in the shares of PSU banks, oil and gas, pharma, metal, and IT.

There was a mild trading tone for mid- and small-cap stocks as the Nifty Midcap 100 index decreased by 0.02 percent while the Nifty Smallcap 100 index rose by 0.13 percent.

Tata Consultancy Services was one of the top Nifty losers; the stock dropped by around 1% after the company's second-quarter earnings fell short of analysts' expectations. In contrast to the projection of Rs 12,502 crore, TCS posted a net profit of Rs 11,909 crore.

Aside from Cipla, the other losers were Bajaj Finance, Power Grid, ICICI Bank, Eicher Motors, HDFC Bank, Bharti Airtel, Bajaj Finserv, and Asian Paints.

On the other hand, the winners were HCL Technologies, Hindalco, ONGC, Wipro, JSW Steel, Sun Pharma, Titan, Tata Steel, and Bajaj Auto.

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