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Benchmark fairness indices tanked in early trade on March 22, surrendering their two days of rally, dragged down by IT shares, weak trends from Asian markets and steady international fund outflows.
The 30-share BSE Sensex tanked 413.36 factors to 72,227.83. The NSE Nifty skidded 86.8 factors to 21,925.15.
From the Sensex basket, HCL Technologies, Wipro, Infosys, Tech Mahindra, Tata Consultancy Services and Tata Motors have been the key laggards.
The BSE IT index fell by 2.85% in the early trade.
Sun Pharma, Titan, Bharti Airtel and ITC have been among the many gainers.
“IT is likely to remain under pressure in view of the poor guidance from Accenture,” mentioned V.Okay. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In Asian markets, Seoul, Shanghai and Hong Kong have been quoting decrease whereas Tokyo traded in the constructive territory.
Wall Street ended with beneficial properties on Thursday.
“IT stocks may see a slowdown following Accenture’s revised revenue forecast,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, mentioned in his pre-opening market remark.
Foreign Institutional Investors (FIIs) offloaded equities price ₹1,826.97 crore on Thursday, based on change knowledge.
Global oil benchmark Brent crude declined 0.71% to $85.17 a barrel.
The BSE benchmark jumped 539.50 factors or 0.75% to settle at 72,641.19 on Thursday. The NSE Nifty climbed 172.85 level or 0.79% to 22,011.95.
