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Closing Bell: Sensex down 483 pts, Nifty slides to 17,675 dragged by financial, IT shares; all eyes on TCS

Closing Bell: Sensex down 483 pts, Nifty slides to 17,675 dragged by financial, IT shares; all eyes on TCS

Closing Bell: Sensex down 483 pts, Nifty slides to 17,675 dragged by financial, IT shares; all eyes on TCS
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By Sandeep Singh  Apr 11, 2022 3:34:28 PM IST (Published)

The Sensex and the Nifty50 continued to fall after a day's breather, dragged by losses in financial and IT shares though gains in oil & gas and select metal stocks lent some support. Analysts awaited the Q4 results of TCS due later in the day.

Indian equity benchmarks fell on Monday tracking weakness across global equities, dragged by financial and IT shares though gains in oil & gas and select metal stocks limited the downside. Analysts awaited the onset of the corporate earnings season with Tata Consultancy Services (TCS) due to report its financial results for the March quarter later in the day.

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The 30-scrip Sensex index fell 482.6 points or 0.8 percent to end at 58,964.6 and the broader Nifty50 benchmark settled at 17,675, down 109.4 points or 0.6 percent from its previous close.
Investors lost Rs 1.1 lakh crore in wealth as the total market capitalisation of BSE-listed companies declined to Rs 275.2 lakh crore.
Investors globally tracked news updates on the Russia-Ukraine war, and awaited a key rate decision by the ECB and US inflation data due this week.
"The market is wary ahead of the European Central Bank (ECB) meeting, US inflation data and the start of the domestic Q4 earnings season," said Vinod Nair, Head of Research at Geojit Financial Services.
HCL Tech, L&T, Infosys, Wipro, SBI Life, Asian Paints and HDFC -- declining between 1.3 percent and 2.7 percent for the day -- were the top laggards among blue-chip stocks. On the other hand, Grasim, Adani Ports, Cipla, Apollo Hospitals, JSW Steel, UPL and BPCL -- gaining between one percent and 2.6 percent -- rose the most among the 21 gainers in the Nifty50 pack.
Infosys, HDFC Bank, L&T and HDFC were the biggest drags on the 30-scrip index.
TCS shares eked out a gain of 0.3 percent ahead of the IT major's quarterly earnings announcement. Analysts in a CNBC-TV18 poll expect Tata Consultancy Services' profit after tax to increase 2.9 percent sequentially and constant currency revenue growth to come down by 100 bps to three percent.
Most other IT stocks fell. The Nifty IT index closed 1.4 percent lower.
The Nifty Oil & Gas was the biggest gainer among NSE's sectoral gauges, rising 1.9 percent.
Broader markets ended on a mixed note, with the Nifty Midcap 100 rising 0.6 percent for the day but its smallcap counterpart edging 0.1 percent lower.
In the midcap and smallcap segments, Suzlon Energy, Brightcom RailTel and Vakrangee -- falling around 2-7 percent, were the top losers. Shree Renuka Sugars, Godfrey Philips, Phillips Carbon and Dilip Buildcon -- rising 6-14 percent -- were the top gainers.
Overall market breadth favoured the bulls, with an advance-decline ratio of about 4:3 as 1,195 stocks rose and 922 fell on NSE.
Global markets
European share markets began the day in the red, after incumbent French President Emmanuel Macron won a larger-than-expected share in the first round of the French election. The pan-European Stoxx 600 index was down 0.4 percent in early hours, tracking weakness across Asian markets.
S&P 500 futures were down 0.3 percent.
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