Indian markets closed lower on Thursday, dragged by IT stocks following disappointing Q3 results from Tech Mahindra and financial stocks slipping.
Sensex declined 360 points and closed at 70,700 while Nifty fell 101 points to end at 21,352.
Tech Mahindra was down 6% and was the top BSE Sensex loser after it posted a smaller-than-expected quarterly profit due to weak client spending.
Nifty Financial Services, the heaviest weighted among the major sectors, fell 0.5%. It has tumbled 6% since HDFC Bank results last week.
Stocks in news
Bajaj Auto closed 5.3% higher after the automaker beat profit expectations, helped by strong domestic demand.
RailTel Corporation also closed over 10% higher after the firm reported 94% YoY growth in PAT to Rs 62 crore in Q3 of FY24
Global markets
Chinese blue chips rallied. Shanghai Composite was up 3% and had its largest daily gain in nearly two years after a series of measures by Beijing authorities came into the picture to prop up the economy and the stock market.
The gain, however, was not enough to keep the MSCI All-World index in positive territory
Oil Rises
Oil prices rose on Thursday after data showed US crude stockpiles fell more than expected last week and hope of Chinese stimulus strengthened
Brent crude futures were at $81.01 a barrel, while US WTI futures were at $76.12 a barrel.
Rupee
Indian rupee ended little changed after hovering in a tight range and ended at 83.1150 against the US dollar.
Please note that Indian markets will remain shut on Friday due to Republic Day.