Indian equities slump for 3rd straight day; Sensex dips 316 points

The Indian equities markets' key indices slumped for the third straight day on Wednesday with benchmark Sensex trading 316 points down in the afternoon session dragged by selling pressure in heavyweights, Reliance Industries and HDFC twins.

The 30 stock S&P BSE Sensex was trading 315.74 points or 0.59 per cent down at 53,570.87 points at 1.46 pm against its previous day's close at 53,886.61 points.

The markets witnessed volatile trading. The Sensex started the day in the positive at 54,210.10 points and rose to a high of 54,211.22 points in the morning trade. The index slipped in the red in the afternoon session.

The Indian equities markets are trading in the red for the third straight day. The Sensex had lost 508.62 points or 0.94 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange was trading 64.30 points or 0.4 per cent down at 15,994.00 points against its previous day's close at 16,058.30 points.

Earlier, the Nifty started the day in the positive at 16,128.20 points and rose to a high of 16,140.00 points in the morning session. The Nifty slipped into negative in the afternoon session.

This is the third straight day of loss in the Nifty. The Nifty had slumped by 157.70 points or 0.97 per cent on Tuesday.

Heavy selling pressure in the index heavyweights Reliance Industries Limited and HDFC twins dragged the index down.

Reliance Industries Limited was trading 1.36 per cent down at Rs 2387.15. HDFC Bank dipped 2.27 per cent to Rs 1360. HDFC slipped 2.11 per cent to Rs 2179.40.

HCL Technologies slumped 1.37 per cent to Rs 915.35 on disappointing Q1 earnings.

HCL Technologies on Tuesday reported a consolidated net profit of Rs 3,281 crore for the first quarter of the current financial year as compared to Rs 3,213 crore recorded in the corresponding period of the previous year, posting year-on-year growth of 2.11 per cent.

The company's consolidated revenue for the quarter ended June 30 rose to Rs 23,464 crore as compared to Rs 20,068 crore reported in the corresponding period of the last year, posting year-on-year growth of 16.92 per cent. On a sequential basis, the company's revenue rose by 3.83 per cent. HCL Technologies had posted revenue of Rs 22,597 crore in January-April 2022 quarter.

The country's largest software exporter Tata Consultancy Services (TCS) tumbled for the third straight day after announcing Q1 earnings. TCS slumped 1.42 per cent to Rs 3041.

TCS had lost 0.92 per cent and 4.64 per cent in the last two trading sessions, respectively.

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, posting 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.

IndusInd Bank, Bharti Airtel, Tech Mahindra, ICICI Bank, Wipro and Titan were among the major Sensex losers.

There was good buying support in FMCG and metal stocks. Hindustan Unilever jumped 2.09 per cent to Rs 2500.50. Asian Paints rose 1.79 per cent to Rs 2944. Nestle India jumped 0.90 per cent to Rs 18286.90. NTPC, Axis Bank, Dr Reddy's Laboratories, Tata Steel and L&T were among the major Sensex gainers.

( With inputs from ANI )

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