Market Sentiment Shifts as Tech Giants Tumble
Quick Summary
Indian markets witness a sharp decline as TCS, Reliance, and HDFC Bank post losses, while SBIN shows resilience.
The Indian stock market closed on a sour note today, with the benchmark indices plunging due to a sharp decline in tech giants. The Nifty 50 index plummeted by 1.5% to 15,821.50, while the Sensex fell by 1.3% to 52,211.50.
TCS: A Key Driver of the Decline
Tata Consultancy Services (TCS) was one of the top losers, with its stock price falling by 1.9% to ₹2,198.90. The company's net profit fell by 4.5% in the January-March quarter, missing analyst estimates. The decline in TCS's stock price dragged down the entire IT sector, with Infosys and Wipro also posting losses.
Reliance Industries: A Mixed Bag
Reliance Industries, on the other hand,
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