Indian Stock Indices Decline as Global Trends Weaken and Wipro Earnings dip

19 Oct 2023 , 01:37 PM

Equity benchmark indices saw a second consecutive day of decline in early trading on Thursday due to weak global market trends and fresh foreign fund outflows. At the time of writing, Sensex was trading at Rs 65,748, which is a 0.20% dip from the previous day’s close. At the time of writing, Nifty was trading at Rs 19,645, a 0.13% dip from the previous day’s close.

Wipro’s disappointing earnings, with a nearly 4% stock price drop, contributed to the market’s fall. Wipro reported a flat consolidated net profit for the September quarter and projected a potential 3.5% revenue decline in the current quarter due to a weak global economic outlook and uncertain business conditions.

Other major laggards included Tata Steel, JSW Steel, Power Grid, Bajaj Finance, Tata Motors, Bajaj Finserv, and Mahindra & Mahindra. Gainers in the Sensex included IndusInd Bank and ITC.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in negative territory. US markets also closed lower on the previous day. The global oil benchmark, Brent crude, fell 0.52% to USD 91.02 per barrel.

Foreign Institutional Investors (FIIs) sold equities worth Rs 1,831.84 crore on Wednesday, as per exchange data.

The BSE benchmark index fell by 551.07 points (0.83%) to close at 65,877.02 on Wednesday, while the Nifty dropped by 140.40 points (0.71%) to 19,671.10.

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