Stock Market Today: Thursday saw the second straight day of selling pressure on equity indexes as traders curbed their exposure to riskier assets following the publication of minutes from the US Federal Reserve’s most recent meeting that suggested additional rate increases this year.
Continuous withdrawals of foreign funds increased the selling pressure, according to market participants.
Stock Market Today: Sensex and NSE Nifty50
The 30-share BSE Sensex lost some of its early gains, dropping 304.18 points or 0.50 percent to settle at 60353.27. The larger NSE Nifty fell 50.80 points, or 0.28 percent, to close at 17992.15.
Top gainers and losers
Among the companies that make up the Sensex, Bajaj Finance was the biggest loser, falling 7.21%. It was followed in loss by Bajaj Finserv, ICICI Bank, Infosys, Stock Grid, Titan, Axis Bank, and Tech Mahindra.
ITC, NTPC, Hindustan Unilever, Mahindra & Mahindra, Nestle India, Sun Pharma, and Tata Steel, on the other hand, rose as high as 1.91 percent to be among the gainers.
Stock Market Today: Indian IT companies
According to Kotak Securities, 1HCY23 would see a continuation of the declining trend in growth for Indian IT companies. Businesses will start CY2023 with some budgetary expectations for technology that will need to be revised to account for changes in macro expectations.
Wipro is vulnerable due to acquisitions says Kotak Securities
Although there is demand for cloud adoption and investments in different digital initiatives, Kotak Securities reported that spending intensity is slowing down as a result of the normalisation of pandemic-fueled urgency to increase online penetration, adopt new technologies, and modernise enterprise IT as well as rising cost implications given the deteriorating macro environment. It is being pushed back and can stay moderated in CY2023, after discretionary spending grew post-Covid-aided robust growth for IT services companies in FY2022 and FY2023.
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