Latest news with #NiftyIT
India Today
3 days ago
- Business
- India Today
Sensex tumbles over 600 points: Why is stock market falling today?
Benchmark market indices tumbled sharply on Friday, dragged down by financial stocks after Axis Bank reported a surprise profit drop for the June 30-share BSE Sensex tumbled 644.99 points to 81,614.25 around 12:19 pm, while the NSE Nifty 50 fell 191.30 points to 24,920.15. Losses were broad-based, with most of the major sectoral indices in the Nifty Financial Services index shed over 1%, while the Nifty Private Bank index declined 1.3%.advertisement Axis Bank led the slide, plunging over 4%—its sharpest fall in six months—after it posted a lower-than-expected June-quarter bank attributed the miss to a rise in bad loans following a one-time industry-wide benchmarking exercise and a dip in its net interest margin to 3.8%, down from 4.05% in the previous lender said it had to realign its asset classification norms after discovering that a peer bank was using a stricter standard. While Axis did not name the bank, the change led to higher provisioning and credit flagged further concerns. Macquarie said the results raised "more questions than answers", pointing to Axis's elevated credit costs compared to peers, even after accounting for the one-time miss at Axis Bank weighed on investor sentiment across the sector, even as IT stocks provided some relief. Wipro gained 3% following its results, but the Nifty IT index remained flat as LTIMindtree slipped 2%.Broader markets also stayed weak. The Nifty Smallcap 100 and Midcap 100 indices were down 0.6% and 0.5%, respectively. So far this week, the Sensex has shed 0.8%, while the Nifty is down 0.5%, setting up both indices for a third straight week of eyes are now on the June-quarter results of heavyweights HDFC Bank and ICICI Bank, due on Saturday, which could set the tone for next week's market direction.- EndsTrending Reel
Time of India
3 days ago
- Business
- Time of India
Indices: Stock market update: Nifty IT index falls 0.46% in a weak market
India 10-year bond yield declined 0.40 per cent to 5.98 after trading in 5.98 -6.04 range. The Nifty IT index was trading 0.46 per cent down at 36968.1. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads NEW DELHI: The Nifty IT index traded negative around 10:47AM(IST)on Friday in a weak Ltd.(up 2.12 per cent) were among the top Ltd.(down 1.92 per cent), Tech Mahindra Ltd.(down 1.52 per cent), MphasiS Ltd.(down 1.41 per cent), Persistent Systems Ltd.(down 1.29 per cent) and Coforge Ltd.(down 1.12 per cent) were the top losers on the Nifty IT index was down 0.46 per cent at 36968.1 at the time of writing this NSE Nifty50 index was down 171.46 points at 24940.0, while the BSE Sensex was down 573.22 points at the 50 stocks in the Nifty index, 7 were trading in the green, while 43 were in the of JP Power, Vodafone Idea, RattanIndia Power, Alok Industries and PC Jeweller were among the most traded shares on the of Garuda Construction, Cupid Ltd, Soma Textiles, NACL Industries and Quality Power Electr hit their fresh 52-week highs in today's trade, while Elgi Rubber Co, Setco Automotive, HDB Financial Servic, Pansari Developers and Jindal Worldwide hit fresh 52-week lows in trade.
The Star
3 days ago
- Business
- The Star
Wipro shares rise as Indian IT firm's quarterly results top estimates
Figurines with computers and smartphones are seen in front of Wipro logo in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration (Reuters) -India's Wipro rose as much as 4% in early trade on Friday after the country's fourth-largest IT firm reported better-than-expected quarterly earnings, driven by improved client spending in segments of its Americas business. At least six brokerages upgraded Wipro's stock after the company posted a 0.8% rise in first-quarter revenue and an 11% jump in net profit, both topping analysts' average estimates, according to LSEG data. Data also showed that at least 10 brokerages raised their price targets on the stock, which was the top gainer on the Nifty IT index early on Friday. India's fourth-largest IT company said it expects revenue for the September quarter to be in the range of $2.56 billion and $2.61 billion, ranging between a drop of 1% and a rise of 1%, in line with what analysts were expecting. Analysts at Morgan Stanley said strong large deal wins at Wipro "bode well" for growth in the second half of the fiscal year, while those at Investec said deal wins were the "big highlight of the quarter". Wipro's deal wins rose to $5 billion in the quarter, up from $3.3 billion a year earlier. Its quarterly performance stands in contrast to rivals Tata Consultancy Services and HCLTech, which reported weaker revenue for the same period. TCS and Infosys shares were up 0.1%, while HCLTech shares were down 0.8% on Friday. (Reporting by Manvi Pant; Editing by Nivedita Bhattacharjee)
Economic Times
3 days ago
- Business
- Economic Times
Stock market update: Nifty IT index falls 0.46% in a weak market
NEW DELHI: The Nifty IT index traded negative around 10:47AM(IST)on Friday in a weak market. ADVERTISEMENT Wipro Ltd.(up 2.12 per cent) were among the top gainers. LTIMindtree Ltd.(down 1.92 per cent), Tech Mahindra Ltd.(down 1.52 per cent), MphasiS Ltd.(down 1.41 per cent), Persistent Systems Ltd.(down 1.29 per cent) and Coforge Ltd.(down 1.12 per cent) were the top losers on the index. The Nifty IT index was down 0.46 per cent at 36968.1 at the time of writing this report. Benchmark NSE Nifty50 index was down 171.46 points at 24940.0, while the BSE Sensex was down 573.22 points at 81686.02. Among the 50 stocks in the Nifty index, 7 were trading in the green, while 43 were in the red. ADVERTISEMENT Shares of JP Power, Vodafone Idea, RattanIndia Power, Alok Industries and PC Jeweller were among the most traded shares on the NSE. Shares of Garuda Construction, Cupid Ltd, Soma Textiles, NACL Industries and Quality Power Electr hit their fresh 52-week highs in today's trade, while Elgi Rubber Co, Setco Automotive, HDB Financial Servic, Pansari Developers and Jindal Worldwide hit fresh 52-week lows in trade. (You can now subscribe to our ETMarkets WhatsApp channel)
Business Standard
4 days ago
- Business
- Business Standard
Quick Wrap: Nifty IT Index registers a drop of 1.39%
Nifty IT index closed down 1.39% at 37138.55 today. The index has lost 6.00% over last one month. Among the constituents, Tech Mahindra Ltd fell 2.75%, LTIMindtree Ltd shed 2.49% and Persistent Systems Ltd dropped 1.75%. The Nifty IT index has decreased 5.00% over last one year compared to the 2.03% spike in benchmark Nifty 50 index. In other indices, Nifty Realty index increased 1.24% and Nifty PSU Bank index has dropped 0.79% on the day. In broad markets, the Nifty 50 has dropped 0.40% to close at 25111.45 while the SENSEX has declined 0.45% to close at 82259.24 today.
