Indian equities slump for 2nd day; Sensex down 397 points

Mumbai (Maharashtra) [India], July 12 (ANI): The Indian equities markets’ key indices slumped for the second straight day on Tuesday with benchmark Sensex trading with a loss of around 400 points dragged by heavy selling pressure in IT and infra stocks.
The 30 stock S&P BSE Sensex was trading 396.98 points or 0.73 per cent down at 53,998.25 points at 1.30 pm against its previous day’s close at 54,395.23 points.
Earlier, the Sensex started the day in the red at 54,219.78 points and slumped to a low of 53,955.68 points.
This is the second consecutive day of drop in the benchmark Sensex. The index had lost 86.61 points or 0.16 per cent on Monday.
The broader Nifty 50 of the National Stock Exchange was trading 124.80 points or 0.77 per cent down at 16,091.20 points against its previous day’s close at 16,216.00 points.
The Nifty had lost 4.60 points or 0.03 per cent on Monday.
IT stocks have been under selling pressure after disappointing first-quarter results of Tata Consultancy Services.
The country’s largest software exporter Tata Consultancy Services (TCS) tumbled for the second day. It was trading 0.61 per cent down at Rs 3094.20. TCS had lost 4.64 per cent on Monday.
On Friday, TCS reported a net profit of Rs 9,478 crore for the first quarter of the current financial year as compared to Rs 9,008 crore reported in the corresponding period of the last year, positing a year-on-year growth of 5.21 per cent. The company’s profit is sharply lower than the market’s expectations. The company’s revenue rose 16.2 per cent year-on-year to Rs 52,758 crore for the quarter ended June 30.
TCS is the first major company to announce financial results. The financial results of the country’s largest software firm set the tone for the earnings season.
Infosys slumped 1.70 per cent to Rs 1447.80. HCL Technologies fell 0.95 per cent to Rs 934.40. Tech Mahindra slipped 0.91 per cent to Rs 998.35.
Only five of the 30 scrips that are part of the benchmark Sensex were trading in the positive.
NTPC rose 2.18 per cent to Rs 147.50. Bharti Airtel jumped 0.48 per cent to Rs 663.45. State Bank of India, Axis Bank and Reliance Industries were also trading in the positive. (ANI)