India Post Daily

Nifty drops below 22,K and the Sensex drops 736 points as IT shares decline

<p>In response to a sell-off in index heavyweights TCS, Infosys, and RIL as well as negative Asian trends after Japan’s central bank’s first rate rise in 17 years, the benchmark Sensex plummeted 736 points and the Nifty dropped below the 22,000 mark on Tuesday.</p>
<p><img decoding=”async” class=”alignnone wp-image-532909″ src=”” alt=” nifty drops below 22k and the sensex drops 736 points as it shares decline 2024 3l” width=”965″ height=”614″ title=”Nifty drops below 22,K and the Sensex drops 736 points as IT shares decline 6″></p>
<p>The 30-share BSE Sensex fell 1.01 percent, or 736.37 points, to close at 72,012.05. This was more than a month below its lowest position. Up to 23 Sensex equities saw declines, and 7 saw advances. In day session, the index fell by 815.07 points, or 1.12%, to close below 72,000 at 71,933.35.</p>
<p>The overall NSE Nifty fell 238.25 points, or 1.08 percent, to end the day at 21,817.45, a month’s low. Nine Nifty equities concluded the day with gains, while up to 41 finished the day down.</p>
<p>The Bank of Japan raised interest rates for the first time in 17 years, which coincided with losses in Asian markets and a dismal start for the major indexes.</p>
<p>Analysts noted that investors exercised caution in front of this week’s US Federal Reserve interest rate announcement. The indexes dropped to month-low levels due to significant losses in TCS as well. When its proprietor, Tata Sons, sold almost 2.3 crore shares, or 0.65% of the equity holding in the leading provider of IT services, via block sales, Tata Consultancy Services plummeted more than 4%.</p>
<p>Additional IT stocks Additionally, closing lower were Infosys, Wipro, Tech Mahindra, and HCL Technologies. The other significant laggards were IndusInd Bank, Tata Motors, Power Grid, Reliance Industries, Nestle, and ITC. The winners were Titan, Bajaj Finserv, HDFC Bank, Kotak Mahindra Bank, and Bajaj Finance. The BSE midcap gauge dropped 1.36 percent, and the smallcap index dropped 1.04 percent in the overall market.</p>

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