Domestic benchmark equity indices opened lower on Thursday, dragged by IT stocks after Wipro forecast a decline in revenue for the April-June quarter amid tariff turmoil.
The BSE Sensex was down 303 points, or 0.39%, at 76,741, while the Nifty50 slipped 114 points, or 0.49%, to 23,323 around 9:33 am.
From the Sensex pack, HCL Tech, Tech Mahindra, Tata Steel, Infosys, and TCS were the top laggards, falling up to 2.5%. On the other hand, ICICI Bank, Bharti Airtel, Sun Pharma, NTPC, and HDFC Bank opened with gains.
Meanwhile, Wipro dropped 5.5% in early trade after missing fourth-quarter revenue estimates and forecasting a 1.5% to 3.5% revenue decline in the current quarter.
On the sectoral front, Nifty IT fell 2.2%, with Wipro, LTIMindtree, Mphasis, and Persistent declining up to 6%. Nifty Auto and Metal indices also opened nearly 1% lower.
Indian shares came under additional pressure after US Federal Reserve Chair Jerome Powell warned of the risks of slowing growth and rising prices due to tariffs. Powell said the Fed would wait for more data before making any changes to interest rates.
Meanwhile, Fitch revised its GDP growth forecast for India, cutting the FY25 estimate by 10 basis points to 6.2% and lowering the FY26 forecast by the same margin to 6.4%.
More to come...
The BSE Sensex was down 303 points, or 0.39%, at 76,741, while the Nifty50 slipped 114 points, or 0.49%, to 23,323 around 9:33 am.
From the Sensex pack, HCL Tech, Tech Mahindra, Tata Steel, Infosys, and TCS were the top laggards, falling up to 2.5%. On the other hand, ICICI Bank, Bharti Airtel, Sun Pharma, NTPC, and HDFC Bank opened with gains.
Meanwhile, Wipro dropped 5.5% in early trade after missing fourth-quarter revenue estimates and forecasting a 1.5% to 3.5% revenue decline in the current quarter.
On the sectoral front, Nifty IT fell 2.2%, with Wipro, LTIMindtree, Mphasis, and Persistent declining up to 6%. Nifty Auto and Metal indices also opened nearly 1% lower.
Indian shares came under additional pressure after US Federal Reserve Chair Jerome Powell warned of the risks of slowing growth and rising prices due to tariffs. Powell said the Fed would wait for more data before making any changes to interest rates.
Meanwhile, Fitch revised its GDP growth forecast for India, cutting the FY25 estimate by 10 basis points to 6.2% and lowering the FY26 forecast by the same margin to 6.4%.
More to come...
You may also like
IPL 2025: The way Nehal Wadhera batted was commendable, says Harpreet Brar after win over RCB
Ground Report: A 'Hindu Village' worth Rs 480 crore is being built in Bageshwar Dham, flat booking starts from America! See full details..
UP CM Yogi to launch Rs 1,500 cr development projects during Gorakhpur visit today
Zepto Ad Vertical's ARR Grew 5X In A Year: Aadit Palicha
Honey Singh: Honey Singh is once again in the headlines for his love life, know who is his rumoured girlfriend Emma Baker?
