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

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.

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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

Nifty50 Losers

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.

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