POST MARKET
Indian benchmark indices ended lower on February 24, dragged down by a sharp sell-off in IT shares amid concerns over AI-led disruption.
At close,
Sensex ↓ slipped 1,068.74 points or 1.28 percent at 82,225.92
Nifty ↓ reduced 288.35 points or 1.12 percent at 25,424.65.
About 1410 shares advanced, 2644 shares declined, and 127 shares remained unchanged.
Top gainers – HUL, Hindalco Industries, Coal India, NTPC, JSW Steel.
Top losers – Tech Mahindra, Eternal, Infosys, TCS, HCL Technologies.
Among sectors, the IT index was the worst hit, plunging more than 4 percent, while the realty index declined over 2 percent. However, metal, pharma, PSU Bank, oil & gas, and energy rose 0.3-1%.
The broader market also ended lower, with the Nifty Midcap shed 0.3%, and the Smallcap index fell 0.55.
STOCKS IN NEWS
Gokaldas Exports
Textile stock Gokaldas Exports fell over 4 percent, on February 24, a day after the government halved the rate of duty benefits under the export support scheme Remission of Duties and Taxes on Exported Products (RoDTEP), with immediate effect.
PC Jeweller
Shares of PC Jeweller rose 1.2 percent on Tuesday after its subsidiary, wholly-owned subsidiary, PCJ Gems & Jewellery Limited, has incorporated a subsidiary, PCJ Mining SARL, announced the incorporation of a new entity in the mining business overseas.
DLF
Real estate stock DLF went down over 2 percent on Tuesday, tracking broader weakness in equity markets as mounting uncertainty around the IT sector weighed on sentiment. The Nifty Realty index extended the day’s fall to 3 percent, with all 10 constituents trading in the red, amid concerns that sustained stress in information technology stocks could spill over into real estate demand and valuations.
IDFC First Bank
IDFC First Bank shares recovered slightly over 1 percent on February 24, a day after hitting 20% lower circuit, as Haryana Chief Minister Nayab Singh Saini informed the State Assembly that the state government had recovered nearly Rs 556 crore owed to it in the case.
Source – Moneycontrol
