TCS, RIL drag Sensex over 350 pts lower tracking weak Asian cues; Nifty below 22K
TCS, Reliance Industries, and Infosys, while Asian peers declined ahead of key central bank decisions from Japan and the U.S.
The BSE Sensex was trading 366 points or 0.50% lower at 72,382. Nifty50 was trading at 21,955, down 101 points or 0.46% at around 9.17 am.
IT major TCS emerged as the top Sensex laggard, experiencing a 2.7% decline in early trade. This dip coincided with 2.02 crore or 0.6% shares changing hands in a block deal on the counter.
Joining TCS in the list of Sensex losers were Wipro, Nestle India, Bajaj Finserv, Asian Paints, and Tata Motors. Conversely, Bajaj Finance, Tata Steel, Sun Pharma, ITC, and ICICI Bank opened with gains amidst the early trading session.
Among individual stocks, HG Infra Engineering surged 5.4% after the company, in a joint venture with Stockwell Solar Services, received four orders worth Rs 1,026 crore for solar business.
On the sectoral front, Nifty IT fell 1.2%, led by TCS, Persistent Systems, and LTTS. Nifty Bank, Auto, FMCG, Pharma, and Oil & Gas also declined. In the broader market, Nifty Midcap100 fell 0.15%, while Nifty Smallcap100 rose 0.2%.
Experts Take
«The reading for the Index will remain the same i.e. breakout on either side giving a proper direction (Higher side 22,200 and lower side 21,900),» said Aditya Gaggar, Director of Progressive Shares.
«The Metal sector experienced a sharp reversal in yesterday's trade and some of the components are pointing towards an extension of the current move. Stock-specific buying can be seen in the PSU Banking space,»
