Sensex slumps 650 points from day's high; IT, infra stocks dip

Mumbai (Maharashtra) [India], July 14 (ANI): The Indian equities markets' key indices witnessed volatile trading on Thursday with the benchmark Sensex slumping by more than 650 points from its day's high dragged by heavy selling pressure in IT and infra stocks.
The 30 stock S&P BSE Sensex was trading 259.43 points or 0.48 per cent down at 53,254.72 points at 2.20 pm against its previous day's close at 53,514.15 points.
The markets witnessed a volatile session. The Sensex started the day in the positive at 53,688.62 points and rose to a high of 53,861.28 points in the morning session. The index slipped into negative in the afternoon session hitting a low of 53,207.38 points, which is 654 points down from the day's high.
The Sensex is under selling pressure for the fourth straight session. The benchmark index had lost 372.46 points or 0.69 per cent on Wednesday.
There was heavy selling pressure in IT stocks. HCL Technologies slumped 2.59 per cent to Rs 894. The scrip has slumped for the second straight day 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 fourth straight day after announcing Q1 earnings. TCS was trading 2.09 per cent down at Rs 2975.05.
Last week, 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.
Tech Mahindra slumped 2.10 per cent to Rs 969.30. Infosys slumped 2 per cent to Rs 1416. Wipro slipped 1.23 per cent to Rs 401.90.
Axis Bank, UltraTech Cement, State Bank of India, ITC, Bajaj Finance, Bharti Airtel and Asian Paints were among the major Sensex losers.
Only seven of the 30 scrips that are part of the benchmark Sensex were trading in the positive. Sun Pharma jumped 2.03 per cent to Rs 877.95. Kotak Bank, Maruti Suzuki, Reliance Industries and Dr Reddy's Laboratories were among the major Sensex gainers. (ANI)