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Time of India
18 minutes ago
- Time of India
WWE Raw (July 28) Live Streaming: How to watch star-studded Monday night episode - Preview, Start Time, and other details
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News18
an hour ago
- News18
Why Is Stock Market Falling Today? Know Key Factors Behind Sensex, Nifty Decline On July 28
Last Updated: Sensex and Nifty fell sharply on Monday, weighed down by Kotak Bank, sustained FII outflows, and weak Asian market cues. Why Is Stock Market Falling Today? The benchmark equity indices Sensex and Nifty declined sharply on Monday amid heavy selling in Kotak Mahindra Bank, continued foreign fund outflows, and weak cues from Asian markets. The Sensex fell by 578.21 points or 0.71 percent to 80,884.88, while the broader Nifty dropped below the crucial 24,700 mark to 24,668.35, down 168.65 points or 0.68 percent, as of around 1:35 p.m. Among the top laggards were Kotak Mahindra Bank, Bharat Electronics, Bharti Airtel, Titan, and Apollo Hospitals Enterprise, with intraday losses of up to 7 percent. Key Reasons Behind Monday's Market Fall: 1. Kotak Mahindra Bank drags the market: Shares of Kotak Mahindra Bank plunged nearly 7 percent after the bank reported a consolidated net profit of Rs 4,472 crore for the June quarter, compared to Rs 7,448 crore in the same quarter last year. The year-ago figure included a one-time gain of over Rs 3,000 crore from a stake sale in its general insurance arm. The bank flagged stress in its retail commercial vehicle loan portfolio, citing unfavourable macroeconomic conditions. Kotak was the top loser in the Nifty Bank index, which itself was down by up to 0.4 percent, with eight of its constituents in the red. Foreign Institutional Investors (FIIs) sold equities worth Rs 1,979.96 crore on Friday. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, FIIs offloaded Rs 13,552 crore from the cash market in the previous week alone, adding significant pressure on the domestic markets. 3. Weak Asian market cues: Asian equity markets were largely negative on Monday. Indices like South Korea's Kospi, Japan's Nikkei 225, and China's Shanghai Composite were trading lower, which weighed on investor sentiment in Indian markets. 4. Brent crude oil price rises: The global oil benchmark Brent crude edged higher by 0.29 percent to USD 68.64 per barrel. Rising crude prices tend to increase input costs and stoke inflationary pressure in oil-importing countries like India, contributing to negative market sentiment. 5. Selling pressure in IT stocks: IT stocks also came under pressure. The Nifty IT index witnessed losses led by Wipro, TCS, HCL Tech, and Tech Mahindra. Vijayakumar noted that continued weakness in the IT pack is dragging broader markets. Investor sentiment was further dampened by TCS's announcement of a 2 percent reduction in its global workforce. 6. Spike in market volatility: The India VIX, a measure of market volatility, rose by nearly 7 percent to 12.07, signaling growing nervousness among traders. A rising VIX often corresponds with heightened fear and can lead to increased selling pressure in the market. Technical Outlook According to Anand James, Chief Market Strategist at Geojit Financial Services, Nifty may find immediate support at 24,450 and further at 24,000. He indicated that the index could face near-term downside risk. However, if Nifty crosses above 24,922, it may trigger short-covering, potentially pushing the index to test levels around 25,324. That said, resistance around the 25,000 mark may still pose a challenge for the bulls. view comments Location : New Delhi, India, India First Published: July 28, 2025, 14:17 IST News business » markets Why Is Stock Market Falling Today? Know Key Factors Behind Sensex, Nifty Decline On July 28 Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
an hour ago
- Mint
TCS layoff: Should TCS investors be concerned as company plans to hand pink slips to 12,000 employees? Explained
TCS layoff: A trend majorly seen in large global IT tech giants like Meta, Google and Microsoft, has spread to India too, as domestic IT bellwether Tata Consultancy Services (TCS) has announced plans to hand pink slips to almost 2% of the workforce. TCS layoff, expected to impact 12,261 employees, will largely target those belonging to middle and senior grades. In response to the news, not only just TCS share price tumbled, but its ripple effects were seen on other IT companies as well. Wipro, HCL Technologies and Infosys too felt the impact, declining up to 2% — sending the Nifty IT pack down over 1%. The IT stocks have been out of favour for some time now, given global macro uncertainty and geopolitical tensions are weighing on global tech demand and delaying client decision-making. Analysts believe that TCS layoffs signal deep organisational changes driven by artificial intelligence (AI) and slow global demand rather than a short-term cost cut. "TCS' decision to layoff ~12,200 employees, which is ~2% of its global workforce during FY26 is reflation of both cost optimisation measures and deeper industry challenges. Shifting technology demands can be also a major reason for the layoff," said Rajesh Sinha, Sr. Research Analyst at Bonanza. While TCS has insisted that the layoffs are not primarily AI-driven job cuts or immediate cost-cutting, Sinha said it is an indication that there is significant pressure to stay competitive amid tighter client budgets, demand softness and rising price pressures requiring efficiency improvements. "Growing requirement of automation and evolving client expectations are reshaping workforce structures, forcing companies like TCS to rebalance employee costs and skill sets to maintain margins and becoming "future-ready" through skill re-alignment," said Sinha. During the June quarter of the ongoing fiscal, Indian IT companies have delivered single-digit revenue growth. TCS' consolidated sales in the first quarter rose 1.3% to ₹ 63437 crore, missing analysts' average estimate of ₹ 64666 crore, according to data compiled by LSEG. TCS's revenue in four out of its six verticals fell compared to the same period last year, while banking and financial services' revenue grew 1% and tech services rose 1.8%, according to a Reuters report. Its total order bookings stood at $9.4 billion during the quarter, versus $12.2 billion in the previous quarter and $8.3 billion in the year-ago period. Meanwhile, TCS MD and Chief Executive K Krithivasan recently said the company is experiencing a "demand contraction" due to the continued uncertainties on the macroeconomic and geopolitical fronts, and added that he does not see a double-digit revenue growth in FY26. Harshal Dasani, Business Head, INVasset PMS, is not as concerned about the TCS layoff and sees it as a strategic move and less of a red flag. With a workforce of over 6 lakh, TCS has already slowed hiring considerably in the last year, reflecting shifting demand patterns in its key markets. "This move signals a broader shift in Indian IT — away from headcount-led growth toward efficiency and AI-led delivery models. Rather than signalling stress, this recalibration positions TCS to navigate a lower-growth environment while staying operationally agile," opined Dasani. Given that TCS is the trend setter for the industry, analysts believe that other IT companies could follow suit. Dasani said that performance and profitability will now take precedence over headcount growth now. "It challenges the long-standing perception that Indian IT offers unconditional job security, and it underscores that operating leverage, not just revenue growth, will define sectoral winners in this cycle. Other firms may follow suit, especially as pricing pressure and AI-led delivery transformation gather pace," he added. Sinha also believes that the TCS layoff is expected to increase fears of job insecurity not only in TCS but also across other IT companies, highlighting long-term career stability in IT industry. It also reflects industry challenges like less tolerance for bench time, strict billable day requirements, and increased automation, he opined. According to Sinha, as far as investors are concerned, this challenging sector-wide environment will create pressure on the stock price of major IT companies, including TCS, for a shorter time horizon. However, in the longer term, the implicit growth opportunity of the company will determine prospects of the company. Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
