Sensex and Nifty50 end sharply lower amid global tech sell-off and weak PMI data

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Summary · why it matters

Indian benchmark indices Sensex and Nifty50 settled sharply lower on Tuesday. The Sensex dropped 893.39 points, or 1.16%, to close at 76,200.68, while the Nifty50 lost 278.80 points, also 1.16%, to end at 23,824.10. Losses were driven by weakness in global markets, foreign institutional investor selling, disappointing Indian PMI data, and a weaker rupee. The NIFTY IT index fell 2.22%, with Infosys, Wipro, and Tata Consultancy Services declining between 3.1% and 3.4%, and the Nifty Metal index tumbled 3.2%, led by a 7.7% drop in Vedanta. India's HSBC Composite PMI fell to 57.4 in June from 59.3 in May, with both manufacturing and services PMIs declining.

Impact on stocks 2

Information Technology▲ · 2 stocks

Off-coverage companies 2

Vedanta LimitedPrivate▼ Negative
Demandrelevance

Weak PMI data and global sell-off reduce demand for metals; stock fell 7.7%.

Tata Consultancy Services LimitedPrivate▼ Negative
Demandrelevance

Weak PMI data signals slowing economic activity, reducing demand for IT services.

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