Equity benchmarks Sensex and Nifty fell in early trading on Thursday, led by a sharp decline in IT stocks following a cautious outlook from Wipro despite strong quarterly results.
The 30-share BSE Sensex dropped by 362 points to 76,682.29 during early trade, while the NSE Nifty slipped 129.75 points to 23,307.45.
Among the major laggards on the Sensex were HCL Tech, Tata Steel, Tech Mahindra, Tata Consultancy Services, Larsen & Toubro, and Titan. In contrast, ICICI Bank, HDFC Bank, Bharti Airtel and State Bank of India posted gains.
Wipro, on Wednesday, posted a 25.9 per cent year-on-year increase in consolidated net profit for the March quarter, reaching ₹3,569.6 crore. However, it warned of a “weak quarter ahead” for Q1FY26, forecasting up to a 3.5 per cent decline in IT services revenue, citing global uncertainties.
In response, Wipro shares fell over 5 per cent in early trade.
Elsewhere in Asia, markets presented a mixed picture. South Korea’s Kospi, Tokyo’s Nikkei 225, Shanghai’s SSE Composite Index and Hong Kong’s Hang Seng were trading in the green.
US markets had ended significantly lower overnight, weighed by a range of economic concerns.
Meanwhile, Foreign Institutional Investors (FIIs) purchased equities worth ₹3,936.42 crore on Wednesday, according to exchange data, offering some support to domestic markets.
On the commodities front, Brent crude, the global oil benchmark, rose by 0.87 per cent to reach USD 66.42 per barrel.
On Wednesday, the BSE Sensex defied weak global cues to climb 309.40 points or 0.40 per cent to settle at a two-week high of 77,044.29 in a volatile session. The Nifty also rallied 108.65 points or 0.47 per cent to close at 23,437.20.
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