It Stocks Fall News Today

Investors reduced IT shares post Accentures lowered revenue guidance, impacting Nifty IT, TCS, Infosys, Cyient, Mastek, LatentView, LTI Mindtree, Wipro, HCL Technologies. Cautious sentiment lingers with modest prospects till 2024.

Why Sensex, Nifty 50 Are Nosediving After A Record Run? Key Factors Behind Selloff Rising interest rates, Key Factors Behind Selloff and more at news18.com

Domestic equities plunged on Thursday after the US Federal Reserve decided to keep the policy rate unchanged but stuck with forecasts for one more rate hike this year.

Infosys shares plunged nearly 10% to the days lows of 1,305 following its June quarter earnings on Thursday where it significantly cut its FY24 revenue growth guidance. The last major fall for Infosys was on April 17, 2023, when the stock fell by over 14% while the Nifty IT index fell 7.62%.

The fall in the sector has been triggered by lower-than-expected results of Infosys and TCS.

Why is stock market crashing today? Snapping its longest winning streak in over two years, Sensex on Monday lost nearly 950 points as IT stocks faced investor wrath. Infosys share price hit a 52-week low of Rs 1,185.30 on the NSE as the shares of Indias second-largest IT company tanked 15% on below par Q4 earnings. Watch this Business Today Visual Story to check key factors dragging markets today.

A host of IT counters, including some bluechip names, dropped sharply lower on Monday after the disappointing performance by Infosys in the March 2023 quarter.

Sensex and Nifty 50 stumbled by more than 1% on Monday after investors carried panic selling in IT stocks as concerns escalated following a disappointing fourth quarter by tech giants like TCS and Infosys. Markets were on a winning spree from March 29th to April 13 before correcting.

Despite witnessing a broader buying especially in FMCG and oil stocks, Sensex and Nifty 50 halted their 9 days of rally on Monday. IT stocks emerged as the major draggers after a disappointing Q4 prints of TCS and Infosys. All IT stocks were in the red.

Shares of IT firms have lost ground despite the rupee slipping in the last five sessions. Usually, rupee and IT stocks share an inverse relationship. When rupee falls, IT sector stocks rise on prospects of increased earnings since most of them deal in outsourcing of business from overseas clients and earn in dollars. On the other hand, when rupee rises, IT shares fall. However, this time, the fall in rupee has been accompanied by a decline in IT stocks. The rupee, which closed at 79.25 to the do...