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Sensex, Nifty Extend Losses For Third Day; IT Stocks Climb After TCS Results
(RTTNews) - Indian shares ended slightly lower on Friday to extend their losing streak for a third day running due to concerns over a weakening rupee, rising oil prices and continued FII outflows amidst global uncertainties.
TCS' positive outlook spur buying in IT stocks, helping limit overall losses in the broader market.
The benchmark S&P/BSE Sensex fell 241.30 points, or 0.31 percent, to 77,378.91 as the dollar continued its strength and U.S. bond yields remained elevated ahead of the all-important U.S. jobs report due later in the day.
The broader NSE Nifty index dropped 95 points, or 0.4 percent, to 23,431.50. Among the prominent decliners, BEL, NTPC, Adani Enterprises, IndusInd Bank and Shriram Finance slumped 4-5 percent.
Tata Elxsi plummeted 6.8 percent as Q3 results missed Street estimates.
IREDA declined 5.8 percent despite the company reporting a 26.8 percent year-on-year growth in Q3 net profit.
Adani Wilmar plunged 10 percent on news that its founder will offload a 13.5 percent stake in the company through an Offer for sale.
Tata Consultancy Services soared 5.6 percent after the management guided for stronger growth in CY24 and FY26. Peers Wipro, Infosys, HCL Technologies and Tech Mahindra surged 3-4 percent.
JSW Steel rose about 1 percent after reporting a marginal rise in Q3 production.
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