Sensex falls over 300 points, Nifty ends lower | Top performing stocks
India Today
NSE Nifty 50 index 0.62 per cent or 99.35 points to 16,025.80 at close, and the S&P BSE Sensex was down 0.56 per cent or 303.35 points at 53,749.26.
The Sensex and Nifty closed lower for a third straight session on Wednesday, pressured by sharp losses in IT stocks, while a risk-off sentiment prevailed on fears of a global economic downturn.
The NSE Nifty 50 index 0.62 per cent or 99.35 points to 16,025.80 at close, and the S&P BSE Sensex was down 0.56 per cent or 303.35 points at 53,749.26.
The Nifty IT index closed 3.4 per cent lower, having dropped to its lowest in the session since last June. Infosys, Tata Consultancy Services and Wipro fell between 2 per cent and 3.6 per cent.
A hiring freeze and an increase in employee termination to cut costs are likely to slow the unprecedented demand for tech talent in the coming quarters, a Nomura analyst said in a note, as per Reuters report.
"This could lead to a material fall in attrition in FY24 forecast, a margin tailwind for the (IT) sector," the note added.
Among individual stock moves, Asian Paints was the top percentage decliner on the Nifty 50, falling 8 per cent.
Zinc miner Hindustan Zinc closed 3 per cent higher. It had jumped as much as 7.7 per cent in the session after media reports said the government has approved the sale of its stake in the company.
