Markets declines 227 points in early trade dragged by IT stocks, foreign fund outflows
The Hindu
Sensex and Nifty updates
Benchmark equity indices declined in early trade on Thursday, January 25, 2024, dragged by IT stocks and continuous foreign fund outflows.
The 30-share BSE Sensex declined 227.72 points to 70,832.59. The Nifty dipped 55.7 points to 21,398.25.
Among the Sensex firms, Tech Mahindra fell nearly 4 per cent after the company on Wednesday reported a 60 per cent decline in net profit to ₹510.4 crore in the December quarter.
HCL Technologies, Infosys, Wipro, Axis Bank, Tata Consultancy Services, HDFC Bank, ICICI Bank, and Kotak Mahindra Bank were among the other major laggards.
IndusInd Bank, NTPC, Hindustan Unilever, and the State Bank of India were among the gainers.
In Asian markets, Shanghai and Hong Kong were quoting in the positive territory while Seoul and Tokyo traded lower.
The US markets ended on a mixed note on Wednesday.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
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