AIRLINK 73.60 Decreased By ▼ -0.40 (-0.54%)
BOP 4.97 Decreased By ▼ -0.05 (-1%)
CNERGY 4.44 Increased By ▲ 0.02 (0.45%)
DFML 39.55 Increased By ▲ 0.35 (0.89%)
DGKC 85.70 Decreased By ▼ -0.39 (-0.45%)
FCCL 21.65 No Change ▼ 0.00 (0%)
FFBL 34.01 No Change ▼ 0.00 (0%)
FFL 9.85 Decreased By ▼ -0.07 (-0.71%)
GGL 10.60 Increased By ▲ 0.04 (0.38%)
HBL 113.50 Decreased By ▼ -0.39 (-0.34%)
HUBC 135.95 Increased By ▲ 0.11 (0.08%)
HUMNL 12.15 Increased By ▲ 0.25 (2.1%)
KEL 4.75 Decreased By ▼ -0.09 (-1.86%)
KOSM 4.51 Decreased By ▼ -0.02 (-0.44%)
MLCF 38.15 Decreased By ▼ -0.12 (-0.31%)
OGDC 135.50 Increased By ▲ 0.65 (0.48%)
PAEL 26.02 Decreased By ▼ -0.33 (-1.25%)
PIAA 19.24 Decreased By ▼ -1.56 (-7.5%)
PIBTL 6.75 Increased By ▲ 0.07 (1.05%)
PPL 122.50 Decreased By ▼ -0.50 (-0.41%)
PRL 27.19 Increased By ▲ 0.50 (1.87%)
PTC 14.16 Decreased By ▼ -0.17 (-1.19%)
SEARL 57.78 Decreased By ▼ -1.34 (-2.27%)
SNGP 67.85 Decreased By ▼ -1.65 (-2.37%)
SSGC 10.29 Decreased By ▼ -0.04 (-0.39%)
TELE 8.45 Decreased By ▼ -0.05 (-0.59%)
TPLP 11.13 Decreased By ▼ -0.10 (-0.89%)
TRG 63.97 Decreased By ▼ -0.88 (-1.36%)
UNITY 26.20 Decreased By ▼ -0.05 (-0.19%)
WTL 1.32 Decreased By ▼ -0.02 (-1.49%)
BR100 7,835 Decreased By -15.4 (-0.2%)
BR30 25,230 Decreased By -106.5 (-0.42%)
KSE100 75,140 Decreased By -66.3 (-0.09%)
KSE30 24,126 Decreased By -16.4 (-0.07%)

BENGALURU: Indian shares fell on Thursday, as HDFC Bank extended post-earnings decline, while IT stocks came under pressure amid growing doubts over early U.S. rate cuts.

The blue-chip NSE Nifty 50 shed 0.51% to 21,462.25, while the S&P BSE Sensex lost 0.44% to 71,186.86.

Both indexes have fallen about 3% each from the record high levels reached on Tuesday.

“We expect benchmarks to consolidate after the sharp sell-off on Wednesday (after HDFC Bank’s results),” said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services.

Financial services dropped 1%, as HDFC Bank lost 3.34%, extending losses from the worst session in over three years on Wednesday.

IT drags Indian shares after recent rally; HDFC Bank results eyed

Banks would face immediate short-term pressure due to potential slowdown in earnings growth, and the anticipated easing of the rate cycle later in the year, said Seshadri Sen, head of research and strategist at Emkay Global Financial Services.

IT index fell 0.62%, with LTIMindtree dropping 10.72% after it reported a weaker-than-expected December-quarter profit and signalled a weak demand outlook.

Strong December U.S. retail sales data dampened early rate cut expectations, heightening pressure on IT companies that rely on the U.S. for a significant share of their revenue.

Among individual stocks, ICICI Prudential Life Insurance tumbled 5.58% following a slide in new business margins in the December quarter.

State-owned NHPC fell 2.6% after the government began the sale of up to a 3.5% stake in the power generator through an offer for sale, with the floor price set at 66 rupees, representing a nearly 10% discount to Wednesday’s closing price.

Drug maker Sun Pharma climbed 2.83%, emerging as the top gainer on the Nifty 50, after announcing its intent to buy the remaining stake in the Israeli unit of Taro Pharmaceutical Industries for $347.8 million.

Comments

200 characters