Sensex, Nifty fall for 3rd day on selling in IT, banking shares, FII outflows
The Hindu
The dark clouds of weak Q4 numbers are haunting the domestic market leading to a consecutive third fall in the week.
Benchmark indices Sensex and Nifty declined for a third day on Wednesday dragged by selling in IT and select banking shares amid weak global trends and FII outflows.
The 30-share BSE Sensex closed lower by 159.21 points or 0.27% at 59,567.80 as 21 of its components ended in the red . During the day, the index fell 274.29 points or 0.45% to 59,452.72.
The broader Nifty dipped 41.40 points or 0.23% to settle at 17,618.75 with 31 of its shares closing with losses.
Analysts said stock markets are in a consolidation phase after a record nine-day winning run to April 13 which saw benchmark Nifty soaring by 5.7% and Sensex by 4.73%.
Sensex and Nifty have corrected by around 1.4% in the three straight sessions of losses to Wednesday following poor commentary by major IT companies.
Among the Sensex firms, HCL Technologies fell the most by 2.4%. IndusInd Bank (2.35%), Infosys (2.28%), Wipro (1.8%), NTPC (1.71%), Asian Paints (1.7%), Tata Consultancy Services (1.36%),Tech Mahindra (1.03%) and SBI (1%) were among the major laggards.
Axis Bank was the lead Sensex gainer, rising by 1.05%. Bharti Airtel, Mahindra & Mahindra, HDFC, HDFC Bank, Bajaj Finance and Reliance Industries also advanced.
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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.
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