TCS, Infosys lose the most in Mcap; RBI policy meet key next week
The market capitalisation (Mcap) of IT majors Tata Consultancy Services (TCS) and Infosys lost the most amid broad-based selloffs due to fear of recession in the global markets.
The market capitalisation (Mcap) of IT majors Tata Consultancy Services (TCS) and Infosys lost the most amid broad-based selloffs due to fear of recession in the global markets.
BSE Sensex ended witnessed a fall of 334.54 points or 0.85 percent at 38,963.84.
The financial markets will resume on Tuesday.
At 11.23 a.m., the Sensex was trading 153 points lower at 36,915.28 while the Nifty was down 47.80 points at 10,900.50.
The domestic indices traded in line with global indices, as Asian markets also were largely trading in the red.
Sensex and Nifty that were up 38,169.87 (+322.22) points and 11,361.40 (+90.19) points gave away their intra-day gains to slip into red terrain in mid-session but again regained upside momentum in line with key Asian markets.
The Sensex is trading at 38,071.11 points up by 88.37 points or 0.23 per cent from its Tuesday's close at 37,982.74 points.
Ms Sitharaman, on the other hand asked FPIs to register as companies or corporate entities instead of trusts or Association of Persons if they want to secure relief from IT surcharge.
Meanwhile, marketing agency Nielsen has predicted slowdown for FMCG (fast moving consumer goods) sector in the current fiscal as it sees its growth declining from 10-11 per cent to 9-10 per cent owing to sharp fall in rural demand.
Analysts say the knee-jerk selloff, mainly by high networth investors or HNI, was responsible for the benchmarks to go into free-fall mode in mid-session.
