Indian Shares Drift Lower In Cautious Trade; IT Stocks Buck Trend

RTTNews | 1 jam 25 menit yang lalu
Indian Shares Drift Lower In Cautious Trade; IT Stocks Buck Trend

(RTTNews) - Indian shares traded lower on Thursday amid lingering concerns about rising oil prices and elevated bond yields in international markets.

The benchmark 30-share BSE Sensex dropped 450 points, or 0.6 percent, to 72,205 in early trade, while the NSE Nifty index was down 140 points, or 0.6 percent, at 22,471.

Among the prominent decliners, Bajaj FinServ, Power Grid Corp, Adani Ports and ITC fell 2-3 percent.

TD Power Systems declined 1.8 percent after opening its qualified institutional placement at a floor price of Rs. 775.35 per share.

Ola Electric Mobility fell nearly 2 percent after its board approved a rights issue to raise up to Rs. 1,000 crore.

IT stocks traded higher, tracking a sell-off in global semiconductor and AI-related shares after reports suggested that SpaceX, Broadcom and Oracle were looking to raise money to buy AI chips, leaving investors worried about whether if the expected profits will materialize.

While Tata Consultancy Services rose about 2 percent ahead of its earnings release later today, Wipro, LTM, Infosys, Tata Technologies and HCL Technologies were up 1-2 percent.

PC Jeweller soared 5 percent after reporting nearly 28 percent year-on-year growth in quarterly consolidated revenue.

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