Indian Markets Open Lower as IT Stocks Drag; Ola Electric Surges 5%
Indian equity markets opened in the red on Friday, breaking a four-day winning streak as concerns over discretionary spending in the U.S. weighed on IT stocks. The BSE Sensex slipped 114 points, or 0.15%, to 76,234, while the Nifty50 declined 14 points, or 0.06%, to 23,176 in early trade.
The sharpest decline was seen in the Nifty IT index, which dropped over 2% following a warning from global IT consulting giant Accenture about reduced discretionary spending. Accenture’s stock had tumbled 7.3% overnight, sparking concerns across the sector.
Among the biggest losers on the Sensex were Infosys, TCS, HCL Tech, Zomato, and Tech Mahindra, with losses of up to 2.3%. Meanwhile, Bajaj Finance, Nestle India, Sun Pharma, Power Grid, and NTPC opened on a positive note, offering some relief to investors.
On the other hand, Ola Electric Mobility witnessed a strong surge of 5% in early trading. The company attributed the recent discrepancies in its February sales data to a temporary backlog caused by ongoing negotiations with vehicle registration vendors, reassuring investors and driving up its stock price.
As global uncertainties continue to impact market sentiment, investors are closely monitoring developments in the IT sector and broader economic trends to gauge the market’s direction in the coming sessions.
