MARKET CLOSING UPDATES: The major benchmark indices suffered major fa in late trades after circling in a tight band for the most part of the trading day led by rising geopolitical crisis, sluggish FII flows, and a bleak outlook for the global economy.
Investor mood was not improved by TCS's Q2 performance which was much better than anticipated or by Infosys' announced share buyback programme.
As the benchmark BSE index reached a high of 58,028 this morning, it temporarily lingered in the positive territory. The BSE index fell to a low of 57,050 near the conclusion of the day, a loss of 978 points from the day's high.
The Sensex finally closed at 57,147 after suffering a severe loss of 844 points. The BSE benchmark index lost 1,075 points in the previous three trading sessions as a result of this.
The NSE Nifty once again fell below both the 17,000-point and its psychological 200-Daily Moving Average, which is set at 16,986. The Nifty 50 eventually reached 16,984 after Tuesday's 258-point loss.
Infosys saw a 2.5 percent decline after the company reported 8 percent net profit in Q2FY23, while shares of Tata Consultancy Services (TCS) dropped up to 2 percent. Tech Mahindra lost 2.5 percent along with other IT equities. Prior to their Q2 reports, HCL Technologies and Wipro both experienced a 2 percent decline apiece.
With a decline of 3.7 percent, IndusInd Bank was the Sensex 30's biggest percentage loser. Other notable losers included Nestle India, Tata Steel, Dr. Reddy's, Titan, Reliance Industries, Maruti, and Hindustan Unilever. The sole gainers were Axis Bank and Asian Paints, each of which increased by about 1 percent.
Along with the benchmark index, the broader indexes also saw a crash. The BSE Midcap and Smallcap indices both experienced declines of about 1.5 percent.
Sectorally, the Consumer Durables, Metal, and Realty indexes were the other top losers, down 2-3 percent each, in addition to the BSE IT index, which fell by 2 percent.
The overall market trend was fairly negative with more than 2 declining stocks for every advancing share on the BSE.
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