Benchmark stock market indices opened lower on Wednesday, by HCLTech Q4 results. The IT firm posted lower-than-expected results.
The S&P BSE was down by 580.11 points to 78,693.22, while the NSE Nifty50 lost 142.60 points to 24,434.00 as of 9:42 am.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said the market during this highly volatile and uncertain phase is proving the importance of remaining invested.
“This month, so far, Nifty is up by 10%. The broader market has outperformed with near 15 % returns in BSE 500. The uncanny ability of the market to surprise is evident from this. The surprising up moves in the market may happen from technical factors like short covering which was evident yesterday when market rallied despite subdued institutional activity,” he added.
After the opening bell, Hindustan Unilever Ltd led the Sensex gainers, rising 1.41%. It was followed by NTPC Ltd, which gained 1.02%. Tata Steel Ltd moved up 0.35%, while UltraTech Cement Ltd added 0.21%.
dropping 8.68%. Tech Mahindra Ltd declined 2.44%, Infosys Ltd was down 2.41%, ICICI Bank Ltd slipped 1.46%, and Tata Consultancy Services Ltd fell 1.35% in early trade.
“The declaration of indefinite ceasefire by President Trump and Iran’s indifferent and suspect response to it means the uncertainty will continue. Anything can happen any time,” said Vijaykumar.
“Good results from financials are lending support to the segment. Capital market-related stocks are doing well in response to good results. Power related stocks are doing well. IT, following the weak commentary from HCL Tech yesterday is again likely to go into correction mode. Watch out for the results of autos and auto ancillaries, which are likely to be good,” he added.
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