Markets settle lower; IT, Banking, Financial stocks worst hit; HDFC, Infosys, L-;T, Bajaj twins top bears; ITC, Titan holds steady amid Q3

3 Feb 2022 , 04:00 PM

Markets settled on a bearish note during Thursday’s trading session while halting a three-winning streak. A broad-based selloff dragged benchmarks Sensex and Nifty 50 with IT, banking and financial stocks taking the most beating.

ITC and Titan were on a higher note amid their Q3 financial performance. Heavyweight Maruti Suzuki also logged substantial buying. However, broadly, large-cap stocks were under pressure.

Sensex tanked 770.31 points or 1.29% to settle at 58,788.02. While Nifty 50 slipped by 219.80  points or 1.24% to end at 17,560.20.

In terms of sectoral indices, on BSE, the IT index nosedived by 720 points. The Bankex index shed over 380 points. The Financials, Oil & Gas and Capital Goods index tumbled by more than 1% each.

HDFC plummeted by over 3% after Q3 results. Infosys, L&T, Bajaj Finserv, Bajaj Finance, Tech Mahindra, Kotak Bank, Wipro, IndusInd Bank, M&M, HCL Tech, Reliance Industries, HUL, Dr Reddy’s Lab, Power Grid, Ultratech Cement, Nestle and HDFC Bank tumbled between 1-3%.

Investors also reacted to India’s services sector activity which moderated further in January to 51.5 compared to 55.5 in the previous month. This would be the slowest rate of expansion in services PMI in the current six-month.