S&P BSE Sensex Index and NIFTY 50 on Tuesday (12-07-22) suffered losses as IT, Banking, and Auto stocks tumbled due to weak global markets.
Sensex lost 508.62 points to close at 53886.61 while Nifty 50 went down by 157.70 points to end up at 16,058.30.
Sensex
In S&P BSE Sensex Index, Infosys, Nestle India, HCL Technologies, Hindustan Unilever, M&M and Kotak Mahindra Bank were the top losers. The stock of these companies lost nearly 1.5% – 2.3% market value.
The high rate of selling of IT stocks coupled with weakening global markets led to a fall in related stocks such as Infosys, Tech Mahindra and TCS.
Market analysts are of the opinion that revenue reports of TCS and unexpected underperformance from the tech company is the main reason why IT stocks have been in the red for the last 2 days.
Along with IT Stocks, banking stocks such as Indus Ind Bank (-1.33), ICICI Bank (-1.25), Kotak Bank (-1.08), HDFC Bank (-0.99) and Axis Bank also pulled down Sensex today.
Only stocks of NTPC (+1.87), Bharti Airtel (+0.33) and Bajaj Finance (+0.21) closed with markets in the green.
In the S&P BSE Fast Moving Consumer Goods index, main stocks such as Nestle India, Britannia, Hindustan Unilever and ITC plunged while stocks of Bajaj Consumer Care( 5.22), Dalmia Sugar (4.21) and LT Foods Ltd (3.51) gained considerably good numbers.
Auto index (-1.13%) , Capital Goods (-0.91%), Public Sector Undertakings (-0.64%), and metal stocks (-1.16%) ended in red today.
Even though the majority of stocks in the BSE PSU index finished in the red today, the share price of ITI Ltd rose by 16.91% to end up at 114.45. Shares of Indian Bank also increased by 4%.
Nifty 50
Benchmark index of the national stock exchange on Tuesday ended the market in red as the index lost 157.70 points.
Hindalco (-2.78 ), Infosys (-2.45), BPCL (-2.33 ), Tata Motors (-1.99), Nestle India (-1.91), Bajaj Finserve (-0.98), Maruti (1.28), Eicher Motors (-3.34) and Ultra-Tech cement (-1.61) were top losers in the market while Shree Cement limited (1.42), Bajaj Finance (0.23), NTPC (0.18) and Bharati Airtel (0.15) made considerable gains.
Only 6 stocks in Nifty 50 made it into green as share prices of 44 stocks declined.
NIFTY Bank index also posted a decline in points as only 1 out of 12 stocks made an advance.
Some stocks from IT industry such as Mindtree (1.38), LTI (0.70) and Coforge (0.48 ) limited were able to post growth despite losses for heavyweight IT stocks in major indexes.
The underperformance of the rupee in the world market against the dollar and losses in several Asian markets also led to negative sentiments in Indian stock markets, which led to the falling prices.
