Sensex, Nifty Edge Higher Led by Auto, Metals, Pharma; IT Stocks Decline

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by Sandip Das on 22 March 2024,  5 min read

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The Indian stock market was trading in the green on March 22, 2024. At 1:51 PM, Sensex was up 150 points at 72,789.44 while Nifty added 76 points and was trading at 22,088.55.

Around 2,471 stocks advanced and 1,247 declined while 117 stocks remained unchanged.

Among the sectors, except IT, all other sectoral indices were trading in the green led by auto, metal, pharma, and PSU Bank.

IT stocks were under pressure after tech giant Accenture cut its revenue guidance, causing IT stocks to come under a bear grip. The IT services provider reduced its fiscal year 2024 revenue forecast on March 21, 2024. It cited an uncertain economy that prompted clients to curtail spending on its consulting services. This move sent its shares down around 5.6 percent in premarket trading, according to a Reuters report.

Also read: Vruddhi Engineering IPO Opens For Subscription; Top Things to Know

Accenture now expects full-year revenue growth in the range of 1 percent to 3 percent, down from its previous forecast of 2 percent to 5 percent. The firm has been grappling with sluggish demand for its IT and consulting services as high-interest rates slow down an industry that experienced rapid growth during the pandemic.

Top IT Losers
  • Infosys: -2.86%
  • Persistent Systems: -2.83%
  • LTI Mindtree: -2.75%
  • Wipro: .2.65%
  • HCL Tech: -2.39%
Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
Hero MotoCorp 4707.55 4.15
Maruti Suzuki 12350 3.71
UPL 472.3 3.68
Apollo Hospitals 6345.15 2.63
Bajaj Auto 8980 2.62
Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
Infosys 1510.05 -2.87
LTI Mindtree 5011.95 -2.87
Wipro 487.4 -2.61
HCL Tech 1556.95 -2.43
TCS 3913.1 -1.51
Asian Markets Under Pressure

Major Asian markets were trading in the red with Hang Seng down 2 percent at 16,530.59. Kospi shed 0.23 percent at 2,748.56 while Nikkei added 0.18 percent at 40,888.43.

European Markets

European markets opened slightly lower on Friday after stocks soared to an all-time high in the previous session. The pan-European Stoxx 600 was 0.2% lower shortly after the opening bell, with most sectors in negative territory, according to a CNBC.com report.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment.

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