Stock Market Today: Sensex Plummet 470 Points, Nifty Slips Below 23,400; TCS Up 4%

Stock Market Today: TCS, Tech, Infosys, HCL Tech and Nestle were the top gainers on the Nifty. NTPC, Zomato, IndusInd Bank, Tata Steel and Adani Ports were the major laggards

Stock Market Today: Global cues were subdued as Asian equities and US futures declined

Source : ABPLIVE AI

Stock Market Today: Benchmark indices Nifty and Sensex failed to maintain their early momentum on Friday, slipping into the red for the third consecutive session as 12 out of 13 sectoral indices saw losses, primarily due to declines in public sector banks and metals. However, the IT sector stood out, with TCS' impressive Q3 results rekindling optimism.

Global cues were subdued as Asian equities and US futures declined, with caution prevailing ahead of key jobs data that will influence expectations for Federal Reserve interest rates.

At around 9:30 am, the Sensex dropped by 467.79 points, or 0.60 per cent, to close at 77,152.42, while the Nifty fell by 160.80 points, or 0.68 per cent, ending at 23,365.70. Of the total shares traded, 502 advanced, 2,598 declined, and 92 remained unchanged.

TCS, Tech, Infosys, HCL Tech and Nestle were the top gainers on the Nifty. NTPC, Zomato, IndusInd Bank, Tata Steel and Adani Ports were the major laggards.

Sectorial Update

TCS shares surged 4 per cent to become the top gainer on the Nifty following its strong Q3 earnings report. The company posted its highest third-quarter order book in five years, with a total contract value (TCV) of $10.2 billion. CLSA upgraded the stock to "outperform" and raised its target price to Rs 4,546, citing a positive demand outlook and a sharp increase in the order book. CLSA also highlighted artificial intelligence (AI) as a key growth driver for TCS.

The Nifty IT index rose 2.5 per cent, leading the market higher as optimism from TCS' earnings spread across the sector.

In contrast, other sectors faced challenges. The Metal and PSU Bank indices fell 0.5 per cent each, with public sector banks continuing their losing streak for the fourth consecutive session due to disappointing Q3 updates that failed to meet expectations. FMCG, Infra, and Oil & Gas indices also saw declines of 0.3 per cent each, limiting broader market gains.

Broader Market

As reflected by mid- and small-cap indices, the broader market mirrored the overall negative sentiment, with losses of 0.3 per cent and 0.5 per cent, respectively. Experts suggest that the market's direction will largely depend on earnings, with stock performance remaining selective and valuations becoming more attractive in some sectors.