DBT Bureau
Bengaluru, 3 October 2024
As Nifty and Sensex plunged amid rising geopolitical tensions in the West Asian region, Nifty IT index also felt the heat on Thursday. The Nifty IT index fell 1.58% to settle at 41,762.60 on Thursday with most IT shares coming under selling pressure.
All the index stocks of the Nifty IT index closed in the red today as investors feared Middle East situation may worsen in the near future.
“Indian equity benchmarks faced a significant sell-off on October 3, 2024, as geopolitical tensions in the Middle East weighed heavily on market sentiment. The BSE Sensex plunged 1,769.19 points (2.10%) to close at 82,497.10, while the Nifty 50 tumbled 546.80 points (2.12%) to finish at 25,250.10. This decline marked the third-largest drop of the year for the Sensex, with nearly Rs 10 lakh crore wiped off market capitalization,” Vikram Kasat, Head – Advisory of Prabhudas Lilladher said.
“Key sectors such as auto and oil & Gas were among the biggest losers, with BPCL and Asian Paints under pressure due to rising crude oil prices nearing $75 per barrel. Investors are advised to remain cautious as they await upcoming Q2 earnings and monitor the policy decisions of the RBI and keep a watch on the global developments and crude oil price trends as key factors shaping market dynamics,” he added.
Among the IT stocks, mid-cap IT companies saw more selling that large cap IT firms.
Infosys shares fell 0.57% to settle at Rs 1,893.40, while TCS shares closed 1.29% down at Rs 4,232.75. Wipro fell the most at 3% to settle at Rs 530.15. HCLTech was down 2% to close at Rs 1,778.55.
Among mid-tier firms, L&T Technology Services lost 4.60% to close at Rs 5,099.95, while share price of Persistent was down 4.33% to settle at Rs 5,250.25.
Globally, technology heavy Nasdaq was trading 0.15% up at 17,951.99 in the early morning trade though investors were nervous about the evolving situation in the Middle East region.
