Indian Shares Deep In Red; IT Stocks And Oil Companies Succumb To Heavy Selling
(RTTNews) - Indian shares were deep in the red on Friday, mirroring weak cues from global markets as investors fretted about the impact AI could have on revenues and profit margins of financial, transportation and logistics and even commercial real estate companies.
The benchmark BSE Sensex was down 808 points, or 1 percent, at 82,866 in early trade, while the broader NSE Nifty index fell by 270 points, or 1.1 percent, to 25,537.
IT stocks extended losses for a third straight session, with Wipro, Tech Mahindra, HCL Technologies, TCS and Infosys tumbling 3-6 percent on near-term growth concerns and fragile global sentiment towards the IT sector.
According to media reports, clients in the U.S. and Europe are being more cautious with discretionary IT spends, especially on older projects, until budgets are clearer.
The talk around AI has added to uncertainty about how fast traditional service models might change.
ONGC and Oil India plummeted 3-4 percent after crude oil prices fell nearly 3 percent on Thursday, pressured by a bearish outlook from the International Energy Agency (IEA) and signs that diplomatic talks between the United States and Iran could be prolonged.
Azad Engineering fell more than 2 percent ahead of its earnings release.
Natco Pharma declined 1.6 percent after its board approved incorporation of a subsidiary in Chile with an investment of $300,000.
HCC was little changed on securing a Rs. 578 crore railway contract from the Northeast Frontier Railway.
eMudhra lost nearly 3 percent after it entered into a pact with LankaPay to build Sri Lanka's national digital signature ecosystem.
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