Sensex Slumps 888 Points Dragged Down By IT Stocks; Nifty Dips Below 19,750
(RTTNews) - Indian shares tumbled on Friday, with IT stocks suffering heavy losses after Infosys reported its weakest June quarter revenue growth since FY21 and slashed its annual sales forecast for the current fiscal year.
A tech sell-off on Wall Street overnight also sent jitters through the market as investors looked forward to key central bank decisions due this week.
The benchmark S&P/BSE Sensex plunged 887.64 points, or 1.31 percent, to 66,684.26, while the broader NSE Nifty index closed at 19,745, down 234.15 points, or 1.17 percent, from its previous close.
Infosys shares plummeted 7.7 percent as many brokerages reduced the stock's rating and future earnings estimates in response to the IT major's weak Q1FY24 results and outlook.
Peers TCS, HCL Technologies and Wipro all fell around 3 percent.
Hindustan Unilever lost 3.6 percent after the FMCG giant delivered muted Q1 earnings. Heavyweight Reliance Industries declined 2.5 percent as investors awaited Reliance Q1 results along with details on Jio's financial listing later in the day.
On the positive side, Larsen &Toubro jumped nearly 4 percent on share buyback news.
ONGC rallied 2 percent as oil prices climbed in international markets amidst fears of lower supplies from Russia and signs of declining inventories.
Union Bank of India jumped 3.9 percent after its first-quarter profit more than doubled.
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