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After a long weekend, the indian stock market
ended the session lower today after weak global signals. At the close,
the sensex was down 1172 points to 57,166 & the nifty was
down 302 points, to 17173. Approximately 1454 stocks are up, 1990
stocks are down and 135 stocks are flat. The IT stocks fell over 4%,
trailed by infosys, which lost 7%, followed by mphasis, tech mahindra, mindtree
and tcs. Bank nifty shed over 1% while auto, metals, fmcg and power names were
bought.
Lower than expected results caused the market to worry about headwinds the IT
sector is facing such as churn, wage inflation, lower utilization and IT
spending cuts by industries due to geopolitical and macroeconomic issues. The
magnitude of the fall is high as the sector has traded at high valuations and
the risk of an outlook downgrade has increased.
IT INDEX FALLS OVER 4 %
The IT index plunged over 4%, with top IT names falling as much as 7 % lowered
Infosys' margin estimates on weaker-than-expected earnings for the March
quarter. At 9%, Infosys recorded the market's biggest drop since March 23,
2020. Jefferies India cut its margin estimates by 100 to 170 basis points to
account for the miss and expected a 21.9% margin in FY22.
OIL PRICES HIGHER
Oil prices rose on Monday as concerns mounted over tighter global supply,
with the deepening crisis in Ukraine raising the prospect of tougher Western
sanctions against its biggest exporter Russia. Brent futures were up 1.3%, to $113.20 a barrel by 0030 GMT, and US West Texas Intermediate
futures were up 0.9% to $107.93 a barrel. The International Energy Agency had warned
that from May about 3 million barrels per day of Russian oil could be trapped
due to sanctions or buyers voluntarily avoiding Russian cargoes.
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