iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Markets trade bearish amid weak global cues; IT stocks worst hit as TCS falls post Q1 numbers

11 Jul 2022 , 09:39 AM

Indian markets began this week’s trading session on a bearish note tracking weak global cues as investors feared about hikes in interest rates and their impact on economic growth globally. On the domestic front, IT stocks nosedived and dragged benchmarks Sensex and Nifty 50. So far in the early deals, Sensex has contracted by nearly 300 points with an intraday low of 54,090.53 and Nifty 50 as much as 85 points with the low of 16,117.85 for the day.

The June 2022 quarterly result impact will influence the equity market for the short run, while central banks tightening policy that is seen critical for economic recovery has dampened markets outlook.

At around 09.36 AM, Sensex was trading at 54,200.12 lower by 281.72  points or 0.52%. The Nifty 50 was trading at 16,152.35 below 68.25  points or 0.42%.

In terms of sectoral indices – Nifty IT was worst hit plummeting by nearly 850 points dragging overall markets, while Nifty Auto and Nifty FMCG dived marginally. However, Bank Nifty, Nifty metals and other sectoral indices were trading in the green by marginal gains.

Nifty gainers were – NPTC surging nearly 1.6% followed by Power Grid and M&M soaring by 1% each. ONGC, Tata Consumers traded higher by 0.74% each.

Losers on Nifty were – Bharti Airtel slipping nearly by 4%, while TCS followed with a 2.6% downside post Q1 results. Wipro, Tech Mahindra, HCL Tech also weighed down by tumbling nearly 2% each.

TCS stock is in focus after announcing the Q1 result. In the first quarter of FY23 (Q1FY23), Its consolidated net profit for the quarter ended June 2022 increased 5.21 percent to Rs9,478 crore, compared to Rs9,008 crore in the same quarter last year. Sequentially, the profit declined 4.51 percent.

Globally, Asian markets opened mixed with the Japanese ‘Nikkei’ trading higher by almost 450 points as the party of recently assassinated ex Prime MInister Shinzo Abe wins the elections by a huge majority which sees stocks react positively. Other markets in Asia however were trading lower as profit booking was seen in most indices.

Related Tags

  • Asian markets
  • Auto sales
  • auto sector
  • Axis Bank share price
  • BSE live
  • bse sensex
  • f&o expiry
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.