Sensex Down Over 600 Points; Nifty Nears 19,800
(RTTNews) - Indian shares tumbled in early trade on Friday as IT stocks suffered heavy losses on concerns of weak outlook.
The benchmark S&P/BSE Sensex was down 613 points, or 0.9 percent, at 66,958 while the broader NSE Nifty index was down 159 points, or 0.8 percent, at 19,820.
Infosys slumped 7.4 percent. The company reported its weakest June quarter revenue growth since FY21 and slashed its annual sales forecast for the current fiscal year. Peers TCS, HCL Technologies, Wipro and Tech Mahindra dropped 1-2 percent.
Ultratech Cement fell about 1 percent and Reliance Industries declined 1.4 percent ahead of their earnings results due later in the day.
FMCG giant Hindustan Unilever fell 1.6 percent despite reporting an 8 percent increase in Q1 profit - in line with estimates.
On the positive side, Larsen &Toubro jumped 2.4 percent on share buyback news. Union Bank of India rallied 2.8 percent after its first-quarter profit more than doubled.
IndiaMART soared 5.2 percent after its board approved a share buyback for an aggregate amount not exceeding Rs 500 crore.
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