Market Wrap: IT stocks drag down Sensex, Nifty on Powell's rate comments
IT stocks after Federal Reserve Chair Jerome Powell indicated that strong U.S. economic growth would delay interest rate cuts.
The BSE Sensex fell 241 points, or 0.31%, to close at 77,339, while the NSE Nifty slid 79 points, or 0.34%, to finish at 23,453.
TCS, Infosys, NTPC, HCL Tech, Axis Bank, and Tech Mahindra were the top Sensex laggards, falling up to 3%. On the flip side, Tata Steel, HUL, M&M, Nestle India, SBI, and Adani Ports closed higher.
The Nifty IT index closed 2.3%lower, weighed down by TCS, Mphasis, and LTIMindtree. This decline followed comments from Federal Reserve Chair Jerome Powell, who indicated that there was no urgency to lower interest rates due to strong economic growth in the United States.
Gas distributors Indraprastha Gas and Mahanagar Gas lost 20% and 14%, respectively, after the government lowered the allocation of gas under the regulated price. This could result in a sharp fall in the profit margins of these companies, Jefferies said.
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