Sensex Plunges Over 1,000 Points, Nifty Trades Below 17,250; Infosys, HDFC Twins Major Drags

Midcap and smallcap shares were weak as Nifty Midcap 100 fell 1.47 per cent and smallcap shed 1.36 per cent

New Delhi: Sensex and Nifty, the key equity benchmarks on Monday tanked sharply in opening deals as Infosys and HDFC twins declined heavily.

At 10 am, the 30-share BSE Sensex dropped 1,066 points to 57,272, while the broader NSE Nifty was trading at 17,207, down 268 points.

Infosys tanked 8.95 per cent to Rs 1,592 on the BSE despite the country's second-largest software services firm last week reporting a 12 per cent year-on-year increase in consolidated net profit for the March quarter at Rs 5,686 crore, while the HDFC Bank declined 3.35 per cent to Rs 1,415 on Saturday posted a 22.8 per cent jump in its standalone net profit at Rs 10,055.2 crore for the quarter ended March 2022.

While the other notable losers are Tech M, HDFC, Wipro, HCL Tech,TCS, Axis Bank, Bajaj finserv, Kotak Bank, and Axis Bank.

On the other hand, Tata Steel, NTPC, ITC, PowerGrid, Nestle, ONGC, Cipla, M&M, and Bajaj Auto were the gainers on the Sensex and Nifty.

Midcap and smallcap shares were weak as Nifty Midcap 100 fell 1.47 per cent and smallcap shed 1.36 per cent.

11 out of the 15 sector gauges, compiled by the National Stock Exchange, were trading in the red. Nifty IT and Nifty Financial Services were underperforming the index by falling as much as 2.97 per cent and 1.87 per cent, respectively. On the other hand, Nifty FMCG, Auto, and Pharma pockets were largely flat.

TIn the previous session on Wedndesday, the Sensex declined 237 points (0.41 per cent) to settle at 58,338, while the NSE Nifty dipped 54 points (0.31 per cent) to finish at 17,475. The stock market reopened on Monday after a gap of four straight days.

Meanwhile, US stock futures also traded lower due to the ongoing Russia-Ukraine conflict and rising inflation dented investor sentiment. Rising crude oil prices also kept investors on edge.

In Asia, markets were trading lower, with Seoul, Shanghai, and Tokyo quoting in the red in mid-session deals.

Stocks in the US had ended lower on Thursday.

International oil benchmark Brent crude gained 1.01 per cent to $112.83 per barrel.

Foreign institutional investors continued to offload shares worth Rs 2,061.04 crore on Wednesday, according to exchange data.