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Sensex, Nifty fall in afternoon trade; IT Stocks Slide, Titan Outperform

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HCL Tech, Tech Mahindra, TCS and Infosys lost 1-2 per cent on the BSE

The benchmark indices are trading flat with a negative bias amid volatility on Tuesday afternoon. The Sensex has moved between an intra-day high of 60,263 and a low of 59,885 in a narrow band of nearly 300 points and as of 1:25 pm, the BSE benchmark is trading at 60,084.25, lower by 50.84 points and the NSE Nifty. at 17,937.50, down seven points. The broader markets also witnessed a lack of trading, with the BSE Midcap index and BSE Smallcap index falling around 0.1 per cent. Weakness in IT stocks is dragging the market for the second day in a row.

On the global front, Asian stocks are trading largely in the red as the global energy crisis fuels inflationary fears. European markets have also opened in the red across the board.

In the currency market, the rupee fell by 6 paise to 75.42 against the US dollar, weighing on the greenback’s strength in the overseas market and firming crude oil prices. On the Interbank Foreign Exchange, the rupee opened on a weak note at 75.41 and then fell to 75.42.

After the results of TCS, information technology stocks are seeing selling pressure for the second consecutive session. The data of Infosys after the market opened on Wednesday is also creating panic among the market participants. HCL Tech fell 4.5 per cent to Rs 1,243 to top the losers list on the BSE. Tech Mahindra, TCS and Infosys have lost 1-2 per cent on the BSE.

Tata Metaliks has posted a 7 per cent decline after the company reported poor numbers for the quarter ended September 2021. Net profit during the September quarter declined by 33.4 per cent to Rs 54.62 crore as against Rs 82 crore in the same quarter last year.

On the other hand, Titan, Bajaj Finserv, Bajaj Auto and SBI are trading with gains of 1-3 per cent on the BSE. On the other hand, Tata Motors is trading at Rs 420 with a gain of 1.2 percent on the BSE. After the company informed exchanges that its global wholesale sales, including Jaguar Land Rover, were up 24 per cent at 2,51,689 in the second quarter of the current fiscal, the stock hit a new 52-week high of Rs 425 earlier in the day. reached. units

BSE market breadth is marginally weaker. Of the 3,408 stocks traded on the BSE, 1,649 are advance shares as against 1,609 declines.

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