Markets in a bloodbath; Sensex tanks 500 pts, Nifty below 18,500; IT stock plunges 3%

9 Dec 2022 , 02:00 PM

Domestic benchmark indices erased its early gains after a gap-down opening on Friday’s trading session. Both the Sensex and Nifty benchmarks are trading lower in the afternoon market session. Moreover, Indian markets may witness volatility led by Information Technology stocks plummeting over 3%.

On the sectoral front, except FMCG and pharma, all other sectoral indices are trading in the red territory. IT index underperformed by tumbling over 955 points follwed by metal and auto stocks plunging marginally.

At around 2:00 PM, Sensex was trading at 62,073.01 lower by 497.67 points or 0.80%. Nifty 50 traded at 18,486.25 lower 123.10 points or 0.66%

Top Bulls on Nifty 50 are: Nestle India (+1.5%), HUL (+0.9%), Titan (+0.8%) supported by Sun Pharma (+0.8%) and Eicher Motors (+0.7%). Meanwhile, top losers on Nifty are: HCL Tech (-7%), Tech Mahindra (-3.3%), Infosys (-3%), Wipro (-2.3%) and UPL (-1.8%).

Further, HCL Tech shares fell more than 7% after the company announced that it expects revenue growth for FY23 to be at the lower end of the 13.5% -14.5% band. The Company blames volatile macros and the impact of higher-than- expected furloughs as the key reasons.In its September quarter earnings, the company has revised its full-year revenue guidance higher to 13.5-14.5% from the earlier 12-13% range.

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