NIFTY 50 and Sensex Slip 0.12%; IT Stocks Jump Over 3.5% Amid Q3 Results

Stock Market Update: NIFTY 50 Declines 0.12%, IT Sector Gains 3.5% with TCS Leading

The benchmark Indian Stock Market Exchange is trading almost flat with the NIFTY 50 closing at 23,526.50 with an LTP of 23520.85 while the SENSEX closed at 77620.21 and is currently trading at 77,666.52.

This challenging week was due to foreign investors withdrawing their capital due to concerns over slower economic growth and very few U.S. rate cuts. Both the major indices fell by 2% this week due to the FIIs selling over $2.2 billion, making the market less attractive.

The losses were one the heavyweight sectors like FMCG, banks, energy, etc. pulling the indices down. Meanwhile, the IT stock continued to rise holding the indices not to go much deep asTCSshares jumped more than 4.5% surges after announcing strong Q3 results and a big dividend for the shareholders. The analysts find TCS stocks more attractively priced than Infosys and HCL technologies and have given it a “Buy” rating.

Companies have released their earnings reports and suggested specific movements based on their performance. Like TCS indicating that the IT companies will stay strong; the banking sector is likely to report good results, but FII selling may prevent their stock from performing well; specific stocks of pharmaceutical and auto sectors such as Eicher, M&M, Bajaj Automobile, etc. can perform well in a weak market conditions.

Irrespective of the losses, some firms have made significant profits. Let's check out the share market live updates in detail with the numbers to have better clarity on the stocks that have added to the modest gains in the indices. 

Tata Consultancy Services Ltd

Tech Mahindra Ltd.

Wipro Ltd

Infosys Ltd

HCL Technologies Ltd

Other Stocks That Have a Contribution to Pulling the Indices Up

Other stocks that have seen a modest surge in stock price are SBI Life Insurance, Bharti Airtel, Bajaj Finserv, JSW Steel, HUL, TATA Consumer Products, Britannia, ONGC, HDFC Life, Nestle, etc. The most active stocks as of today are TCS, ITI, Ramkrishna Forgings Ltd, Infosys, etc.