Indian Shares Notably Lower As IT Stocks Drag
(RTTNews) - Indian shares fell notably in early trade on Wednesday, with Information technology stocks coming under heavy selling pressure after an AI-fueled tech rally sent U.S. stocks to a higher close on Tuesday.
The benchmark 30-share BSE Sensex dropped 500 points, or 0.7 percent, to 73,100 while the broader NSE Nifty index was down 114 points, or half a percent, at 22,635.
HCL Technologies, TCS, Tech Mahindra, Mphasis and Infosys plummeted 3-4 percent amid renewed optimism surrounding artificial intelligence in global markets as Meta Platforms Inc.'s upsized $25 billion share sale ended five times oversubscribed, Broadcom announced a $63 billion AI hardware deal, and Oracle expanded its OpenAI and Nvidia partnerships.
Shares of Jio Platforms traded at Rs. 1,368 on market debut, compared with the initial public offering price of Rs. 1,119 per share.
Reliance Industries fell about 1 percent ahead of a board meeting on October 30 to consider its quarterly earnings results.
Hindustan Unilever, Adani Ports and Special Economic Zone, and Adani Enterprises all fell over 1 percent ahead of their Q2 earnings results due today.
Larsen & Toubro soared 4.6 percent as it reported a 33 percent year-on-year increase in Q2 consolidated profit after tax.
Bajaj Auto climbed 3.3 percent as it posted a 35 percent rise in quarterly profit.
Tata Capital climbed 3.4 percent after quarterly profit jumped 51 percent from last year, driven by loan expansion, increased interest income and lower credit costs.
Maruti Suzuki India was little changed after posting a 26 percent year-on-year drop in its quarterly profit.
Australian Market Pares Early Gains In Mid-market
Asian Markets Mixed Amid Cautious Trades
Indian Shares Seen Little Changed At Open
Thai Stock Market May Reverse Tuesday's Losses
Indonesia Stock Market Tipped To Open To The Upside
Japanese Market Sharply Higher
Higher Open Called For Hong Kong Stock Market
