Indian Shares Fall, IT Stocks Lead Decline Following Tech Mahindra's Earnings

26 Oct 2023 , 01:22 PM

Indian shares declined with significant losses across all major sectoral indexes. IT stocks, particularly Tech Mahindra, suffered a sharp drop, with Tech Mahindra posting its largest profit decline in over 16 years.

At the time of writing, Sensex was trading at Rs 63,246 which is a 1.25% dip than the previous day’s close. Whreas Nifty was trading at Rs 18,864 Which is a 1.35% decline from the previous close.

Adani group stocks faced a 2% to 6% loss due to reports of an accounting regulator’s probe on an EY member firm that audits five Adani group companies. High-weightage sectors like banks and IT lost 1% and 1.5%, respectively.

Realty, metals, auto, and public sector banks all experienced losses of over 1%. Small- and mid-cap stocks, which are more domestically focused, faced losses of over 3% and 2%, respectively.

Asian markets also fell, with the MSCI Asia ex-Japan index losing 1.4%. U.S. stocks suffered a decline, driven by Alphabet’s disappointing earnings and rising U.S. Treasury yields.

Brent oil rose above $90 per barrel amid geopolitical concerns in the Middle East, potentially impacting global growth. Private lender Axis Bank was the sole gainer in the Nifty 50 index, up 0.75%, as it exceeded profit estimates with strong loan growth.

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