Sensex slumps 699 points; IT stocks dip amid weak global sentiments
Sep 01, 2022
Mumbai (Maharashtra) [India], September 1 : The Indian stock market's key indices, Sensex and Nifty, were trading with a loss of more than one per cent in the afternoon session on Thursday dragged by heavy selling pressure in IT stocks amid weak global sentiments and concerns over economic growth.
The 30 stock S&P BSE Sensex was trading 699.1 points or 1.17 per cent down at 58,837.97 points at 1.20 pm against its previous session's close at 59,537.07 points.
Earlier, the markets started the day deep in the red tracking weakness in the global equities markets. The Sensex started the day at 58,710.53 points and slumped to a low of 58,638.46 points in the intra-day.
The markets have witnessed volatile trading this week. The index had surged by 1564.45 points or 2.70 per cent on Tuesday, the previous trading session. The stock markets were closed on Wednesday on account of Ganesh Chaturthi.
The broader Nifty 50 of the National Stock Exchange was trading 194.95 points or 1.1 per cent down at 17,564.35 points against its previous session's close at 17,759.30 points.
The Nifty had surged by 446.40 points or 2.58 per cent on Tuesday.
IT stocks slumped. Tech Mahindra dipped 2.78 per cent to Rs 1046.80. TCS slumped 2.39 per cent to Rs 3135. Infosys slipped 2.22 per cent to Rs 1460.10.
The index heavyweight Reliance Industries Limited was trading 2.47 per cent down at Rs 2574.
Only nine of the 30 scrips that are part of the benchmark Sensex were trading in the positive. Bajaj Finserv jumped 2.24 per cent to Rs 17346.50. Asian Paints, Bharti Airtel, Titan, State Bank of India and Maruti Suzuki were among the major Sensex gainers.
The stock markets have slumped a day after the release of the quarterly economic growth data.
India's gross domestic product (GDP) growth rose to 13.5 per cent in the first quarter of the current financial year as compared to 4.1 per cent in the previous quarter, as per the data released by the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation, on Wednesday.
Though this GDP growth number is the sharpest in a year, it is much below the market's expectations. The high GDP growth during the first quarter of the current financial year is largely due to the low base.
India's real GDP or Gross Domestic Product (GDP) at Constant (2011-12) prices in Q1 2022-23 is estimated to attain a level of Rs 36.85 lakh crore, as against Rs 32.46 lakh crore in Q1 2021-22, showing a growth of 13.5 per cent as compared to 20.1 per cent in Q1 2021-22, the National Statistical Office (NSO) data showed.
