A slump in the stocks of Tata Consultancy Services pulled down the Bombay Stock Exchange Sensex, which closed marginally lower to end three straight days of ending green. While Sensex ended at 27,238.06, the National Stock Exchange Nifty fell to 8,400.35.
IT shares led losses in the BSE index. TCS stocks dropped by nearly 4% to a one-month low, responding to news that its chief N Chandrasekaran was named the new Tata Sons chairperson on Thursday. The management rejig overshadowed the company’s Q3 results. Infosys, too, saw a 3.73% fall – its lowest since December 7 – after it announced its net profit of Rs 3,710 crore in the third quarter.
Stock prices in the IT sector have also been affected amid fears that more stringent rules to secure visas for the United States will be in place after Donald Trump takes over as president on January 20.
There was some buying activity in the FMCG, energy, oil and gas and healthcare sectors. Banking stocks also did well, with DCB Bank seeing a 5% increase. Axis Bank, GAIL, ITC, HDFC, Sun Pharma and ONGC were the best performers of the day’s trading, while Maruti, Dr Reddy’s and Tata Motors trailed.
Meanwhile, the rupee dipped 11 paise to 68.18 against the US dollar.