Indian shares fall tracking global markets; IT leads losses
** India's Nifty 50 .NSEI and Sensex .BSESN fall 0.6% and 0.5%, respectively, led by IT stocks, tracking Asian shares and global stock futures
** Nifty IT index .NIFTYIT drops 1.4% on resurgent worries of a slowdown in the United States MKTS/GLOB
** IT companies earn a significant share of their revenues from the U.S.
** Infosys INFY.NS, down 1.9%, is the top drag on the Nifty, while Tata Consultancy Services TCS.NS, down 1%, is among top losers
** Analysts have said a potential growth slowdown in domestic and global economies can trigger a correction in Indian benchmarks, which are trading at elevated valuations
** 10 of the 13 major sectoral indexes in the red
** Oil marketing companies Bharat Petroleum BPCL.NS, Hindustan Petroleum HPCL.NS and Indian Oil IOC.NS rise 0.3% to 3.3% on a drop in global oil prices O/R
** Drop in oil prices is a positive for OMCs as it aids refining margins
Reporting by Manvi Pant in Bengaluru
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
