The stock performance stooped lowest among blue-chips on BSE and NSE for yet another session
Indian markets traded weak amidst aggravating global tensions and uncertainty in the US administration. Infosys and bluechip companies dragged the indices down both of which closed with losses of over 0.80%.
While the BSE Sensex closed 265.83 points, or 0.84%, to close at 31258.85, Nifty fell 83.05 points, or 0.84%, cracking below the 9800 mark at 9754.35.
The IT sector bore the brunt of Vishal Sikka's surprise resignation as Infosys CEO. The IT bellwether suffered more losses, down 5.37%, despite its Rs 13,000 crore share buyback announcement. The stock performance stooped lowest among blue-chips on BSE and NSE for yet another session, which fell for the second day. The ongoing turbulence at India's second-largest IT exporter continued to weigh on BSE IT index, which slumped 2.04% followed by technology, PSU and healthcare.
Adani Ports, Dr Reddy's, Sun Pharma and ONGC, were among other laggards falling up to 2.74%.
Investors turned skittish about joint military drills between the US and South Korea that kicks off today, which may spark a toughening of stand by North Korea.
Besides, a pullout of foreign funds and gloomy quarterly earnings led market into consolidation mode, said experts.
European shares turned lower after investors grew wary of US President Donald Trump's ability to carry forward his ambitious economic agenda after some high-level exits. Asian markets closed mixed.
Foreign portfolio investors (FPIs) gave shares a wide berth net selling Rs 2,182.12 crore. Domestic institutional investors (DIIs) bought shares worth a net Rs 584.591 crore on Friday, provisional data showed.
Broader markets took more hits compared to the main indices, down by up to 1.45%, as investors locked in profit.
DRAB PERFORMANCE
- The stock performance stooped lowest among blue-chips on BSE and NSE for yet another session
- BSE IT index slumped 2.04% folllowed by technology, PSU, healthcare
- Adani Ports, Dr Reddy’s, Sun Pharma and ONGC, were among other laggards
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Investors turned skittish about joint military drills between the US and South Korea that kicks off today, which may spark a toughening of stand by North Korea.
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