AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,941 Increased By 63.6 (0.92%)
BR30 22,802 Increased By 233 (1.03%)
KSE100 67,176 Increased By 628.6 (0.94%)
KSE30 22,090 Increased By 175.1 (0.8%)

BENGALURU: Indian shares opened lower on Friday, weighed down by financials, although losses were capped by a rebound in IT stocks despite Accenture’s warning of weaker client spending.

The Nifty 50 index was down 0.11% at 17,057.35 as of 10:03 a.m. IST.

The S&P BSE Sensex fell 0.05% to 57,895.48. The broader Asian equity indexes were subdued.

Twelve of the 13 major sectoral indexes declined, with the heavyweight financials index losing over 0.7%.

IT, financials lead Indian shares lower after Fed rate hike

Shares of asset management companies fell after Reuters reported that the government may propose investments in debt mutual funds be taxed as short-term capital gains.

HDFC Asset Management Co fell over 3%, UTI AMC lost 2% and Aditya Birla Sun Life AMC shed 2%.

IT stocks rose more than 1% despite Accenture lowering its forecasts for annual revenue and profit and announcing about 19,000 job cuts, joining other IT service providers who have warned of muted growth and tapering demand due to high interest rates and the US banking turmoil.

The sector’s significant exposure to US and European banking, financial services and insurance (BFSI) industry has become a cause for concern since the banking crisis erupted in the middle of this month. Since then, the Nifty IT sector has tumbled 5.23% before Friday’s move.

In that same period, the broader Nifty 50 index has slid 1.93%, while financials have shed only 1% as they are expected to be largely insulated from the global banking crisis.

Among individual stocks, Campus Activewear lost over 6% after a media report said TPG Global would offload its entire 7.6% stake in the company via block deals.

Comments

Comments are closed.