Sensex dips 500 pts, Nifty below 23,400 as slow earnings and FPI outflows weigh on investor mood
The BSE Sensex was down 511 points, trading at 77,058, while the Nifty50 was down 162 points, at 23,370 as of 9:46 am.
In the Sensex pack, Infosys, HCL Tech, Tech Mahindra, Axis Bank, and TCS opened with losses, while Asian Paints, HDFC Bank, Bajaj Finance, Sun Pharma, and Tata Steel opened with gains.
The Nifty IT index fell over 2% in early trade, weighed down by LTIMindtree, Wipro, and Mphasis. 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.
Among individual stocks, Honasa Consumer shares hit a 20% lower circuit at the opening after the parent company of D2C brand Mamaearth reported weak earnings for the quarter ended September, posting its first quarterly loss in five quarters.
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