Sensex dips as banking sector struggles, IT firms gain

  • Stock Market News
Sensex dips as banking sector struggles, IT firms gain
Credit: © Reuters.

Indian stock markets experienced mixed fortunes today, with the BSE Sensex closing at a loss of 65,701 and the NSE Nifty dipping to 19,717. The downturn was primarily due to losses in heavyweight companies such as Larsen & Toubro (NS: LART ), along with financial institutions including Axis Bank (NS: AXBK ) and ICICI Bank (NS: ICBK ). Despite these declines, there were positive contributions from tech giants Infosys (NS: INFY ) and TCS (NS: TCS ).

In Japan's market activity today, the Nikkei reached a historic high since March 1990 but ended marginally lower at midday at a value of 33,562.41; the Topix also saw a small decline.

Back in India, the banking sector's struggles were evident as both HDFC Bank (NS: HDBK ) and Kotak Mahindra Bank (NS: KTKM ) faced declines, with the Nifty Private Bank index dropping by 0.25%. On a brighter note, the IT sector saw progress with gains by HCL Technologies (NS: HCLT ), while the real estate sector also fared well. Contrasting with the larger stocks' subdued performance, midcap and smallcap indices posted gains of 0.38% and 0.4%, respectively. While companies like Mahindra & Mahindra were among the loss leaders, entities such as Coal India (NS: COAL ) and Hero MotoCorp (NS: HROM ) contributed positively to market breadth where advancing shares outnumbered decliners on the BSE.

On Friday, foreign institutional investors withdrew ₹477.76 crore (INR100 crore = approx. USD12 million) according to exchange data, leading to a drop in Indian indices; despite positive trends in Seoul and Shanghai markets and US markets ending with slight gains. The Brent crude oil price ascended to $81.17 per barrel contrasting Tokyo's lower quotes.

Furthermore, specific companies made notable movements on the Indian stock exchange today. Firms such as Penta Gold and Rajesh Exports (NS: REXP ) touched their yearly lows while Tata Investment (NS: TINV ) recorded new highs. LTIMindtree (NS: LTIM ) led gains among stocks while UltraTech Cement (NS: ULTC ) was among the biggest losers.

In corporate news, Nawaz Modi has sought a significant share of industrialist Gautam Singhania's wealth during their separation settlement for her and their daughters. Apple (NASDAQ: AAPL ) is making strides toward its iPhone production target in India for the fiscal year ending March 2024 after surpassing substantial production figures in the first seven months. Lastly, the government is considering reallocating unclaimed Sahara-Sebi account funds to the Consolidated Fund of India while ensuring provisions for future claims by investors.

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