Indian equity benchmarks traded lower on Thursday, weighed down by weakness in information technology stocks and cautious global sentiment.
At 11:00 am, the Sensex was down 109.68 points, or 0.15%, at 73,873.50, while the Nifty 50 slipped 40.65 points, or 0.18%, to 23,174.30.
Earlier in the session, the Sensex had fallen more than 300 points and the Nifty had dropped below 23,150.
Broader markets also trade lower
Selling pressure extended to the broader market.
- Nifty MidCap index: down 0.58%
- Nifty SmallCap index: down 0.33%
IT stocks drag the market
The Nifty IT index was down around 2%, making it one of the weakest sectoral performers.
Among the major losers were:
- Oracle Financial Services Software
- HCL Technologies
- Infosys
Wipro also remained under pressure.
The stock fell to a more than six-year low of ₹175.80 and has lost around 14% over the past week, coinciding with the opening of its ₹15,000 crore share buyback.
Pharma stocks see mixed trend
Within the Nifty Pharma index, gains were seen in:
- Wockhardt
- Gland Pharma
- Torrent Pharmaceuticals
Most other pharma stocks traded lower.
Zee Entertainment gains
Zee Entertainment Enterprises Ltd (ZEEL) rose around 4%, emerging among the notable gainers during the session.
Rupee weakens against the dollar
The rupee declined 32 paise to 95.57 against the US dollar in early trade.
According to market participants, the local currency came under pressure due to:
- Rising crude oil prices.
- Continued tensions involving the US and Iran.
- Foreign institutional investor outflows.
- Weak domestic equities.
- A firmer US dollar.
Corporate developments
TCS partners with Global Premier
Tata Consultancy Services (TCS) announced a partnership with Global Premier to accelerate enterprise AI adoption.
Under the collaboration:
- Around 50,000 associates will be empowered with Claude, powered by Anthropic.
- TCS will co-develop industry-specific AI solutions.
- Training programmes will be conducted through TCS iON.
Axis Bank raises FCNR(B) rates
Axis Bank increased interest rates on FCNR(B) deposits by up to 305 basis points.
The bank is now offering rates of up to 6% on deposits with maturities ranging from three to five years.
The revised rates came into effect from June 1.
Kalyani Forge CFO resigns
Kalyani Forge said its Chief Financial Officer Jagdish Baheti resigned with effect from April 30.
Global developments
A survey showed that US companies remain cautious about increasing investments in China despite improved profitability, highlighting concerns stemming from trade tensions between the two countries.
Market snapshot at 11 am
| Index | Level | Change |
|---|---|---|
| Sensex | 73,873.50 | -109.68 points |
| Nifty 50 | 23,174.30 | -40.65 points |
| Nifty MidCap | – | -0.58% |
| Nifty SmallCap | – | -0.33% |
| Nifty IT | – | Around -2% |
TL;DR
Indian markets traded lower on Thursday, with the Sensex down over 100 points and the Nifty holding above 23,150. IT stocks remained under pressure, while Zee Entertainment gained 4% and the rupee weakened against the US dollar.
AI Summary
- Sensex fell 109 points and Nifty slipped below early highs.
- Nifty IT index declined around 2%.
- Wipro hit a six-year low.
- Zee Entertainment rose 4%.
- The rupee weakened to 95.57 against the US dollar.
