Indian Stock dip
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After the extended weekend, the Indian stock market closed a session on April 18 in the red following weak global guides. At close, the Sensex was down 1,172.19 points or 2.01% at 57,166.74, and the Nifty declined 302 points or 1.73% at 17,173.70. About 1454 shares have advanced, 1990 shares declined, and 135 shares are unchanged.?
The IT index dropped over 4 percent dragged by Infosys which decreased by 7 percent followed by Mphasis, Tech Mahindra, Mindtree, and TCS. The Bank Nifty was below over 1 percent while buying was seen in auto, metal, FMCG, and power names.?
The results were lower than expected causing the market to worry about the trouble faced by the IT sector like attrition, wage inflation, lower utilization, and cuts in IT spending by industries due to geopolitical and macro issues.?
"The degree of downfall is high because the sector was trading at a high valuation and the risk of a downgrade in outlook has increased," stated the Research Head of Geojit, Vinod Nair.