Markets fall for 2nd day running on weak global trends
The Hindu
Equity indices fall 2nd day as Wipro disappoints, FIIs offload equities. Sensex down 490 pts, Nifty 137.5 pts. Wipro posts flat Q2 profit, Tata Steel, JSW Steel, Power Grid, Bajaj Finance, Tata Motors, Bajaj Finserv, Mahindra & Mahindra major laggards. IndusInd Bank, ITC gainers. Global markets, Brent crude down. FIIs offload ₹1,831.84 cr. Rising US yields, Fed Chair speech add to investor concerns.
Equity benchmark indices declined in early trade on Thursday, falling for the second day running, amid weak trends in global markets and fresh foreign fund outflows.
Disappointing earnings from IT services company Wipro also dragged the benchmarks lower.
The 30-share BSE Sensex plunged 490.44 points to 65,386.58. The Nifty fell 137.5 points to 19,533.60.
Among the Sensex firms, Wipro fell by nearly 4 per cent after the IT services company reported an almost flat consolidated net profit at ₹2,667.3 crore for the September quarter, trailing street expectations, and projected up to 3.5 per cent fall in revenue in the current quarter on weak global economic outlook and uncertain business environment.
Tata Steel, JSW Steel, Power Grid, Bajaj Finance, Tata Motors, Bajaj Finserv and Mahindra & Mahindra were among the other major laggards.
IndusInd Bank and ITC were the gainers.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the negative territory.
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