Indian Market Dips on IT and Bank Stock Slump, Inflation Worries

13 Oct 2023 , 01:32 PM

Indian shares decline, primarily due to a slide in IT and bank stocks, alongside concerns about US inflation impacting investor sentiment. At the time of writing  Sensex was trading at Rs 66,259 which is a 0.22% drop than the previous day’s close. Nifty is trading at Rs 19,746 which is a 0.24% drop than the previous day’s close.

IT index with high weightage falls by 0.75% after Infosys and HCLTech highlight weak client spending and revise down their revenue forecasts.

Infosys revises annual revenue forecast, lowering the upper end to 2.5% from 3.5%, and HCLTech reduces revenue outlook to 4%-5% from 6%-8%. Infosys shares plummet by up to 4.5%, while HCLTech shares show volatility, initially dropping by 1.24% and later rising by 3.5%.

Inflation in India for September eases to a three-month low of 5.02%, but concerns about rising US consumer prices affect global markets. Small- and mid-cap stocks, focused more domestically, continue to outperform blue-chips, each rising by 0.2%.

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