Markets in red

During the afternoon trading session on Thursday, Indian stocks are trading with a decline as information technology (IT) stocks trade under pressure following disappointing quarterly earnings and a guarded forecast from leading IT firm TCS Ltd. 

Additionally, growing concerns about a possible ‘mild recession’ in the United States is keeping investors’ sentiment low.

On the sectoral front, the Nifty IT index is down by over 2%. TCS’s warning about deferred spending and uncertainty in the near future of its banking, financial services, and insurance (BFSI) sector cracked the IT stocks.

Nifty Media is trading nearly 1% lower. Further, Pharma and Metal stocks are also trading marginally lower. All other major indices are trading marginally higher.

At around 1.10 PM, BSE Sensex is trading 211 points lower at 60,181. NSE Nifty is down by 53 points at 17,759 points.

Eicher Motors (+3.11%) is the top NSE gainer, followed by Apollo Hospitals (+2.66%). HDFC Life is trading 2.5% higher. Britannia is trading 2% higher, followed by Bajaj Finserv (+1.50%).

Tech Giant Infosys (-2.80%) is the top laggard on NSE for yet another session. HCL Tech (-2.34%) and Tech Mahindra (-2.20%) also fell more than 2%. NTPC is also trading 2% lower. 

TCS (-1.53%) also joined the losers on the nifty index, with a 1.50% decline, following its Q4 earnings release.

AU Small Finance Bank rallied 15% following the Reserve Bank of India’s approval for the managing director and CEO Sanjay Agarwal’s reappointment.

A total of 50% (25) stocks declined on the Nifty index today.

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