Most of the broader market indices also fell during early trade as volatility rose due to concerns over the possibility of weak profit growth in the third quarter.

Sensex falls 500 points, Nifty tumbles: Why is the stock market down today?

Stock market today: Around 11:05 am, Sensex was trading 448.21 points lower at 77,700.28 and Nifty was down 142.85 points to 23,546.10

by · India Today

In Short

  • Sensex drops over 500 points amid Q3 earnings concerns
  • Nifty50 hits a day’s low of 23,537.95
  • TCS to kick off Q3 earnings season today

Benchmark stock market indices continued their downward trajectory on Thursday as investors remain worried about Q3 corporate earnings. The S&P BSE Sensex fell over 500 points in early trade to hit a day’s low of 77,668.72, while the Nifty50 fell to 23,537.95.

Around 11:05 am, Sensex was trading 448.21 points lower at 77,700.28 and Nifty was down 142.85 points to 23,546.10.

Most of the broader market indices also fell during early trade as volatility rose due to concerns over the possibility of weak profit growth in the third quarter.

Q3 RESULTS KEEP D-STREET ON EDGE

It may be noted that Tata Consultancy Services (TCS) is set to kick off the Q3 earnings season today and several analysts have noted that the IT giant could witness a sequential slowdown.

Alongside TCS, Indian Renewable Energy Development Agency, Tata Elxsi, GTPL Hathway, Mishka Exim, Padam Cotton Yarns, Teamo Productions HQ, Vivo Bio Tech and Yash Highvoltage will also report September to December 2024 period results today.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “With the Q3 results season starting from today there will be market reaction to results. The results of TCS will give an indication of what is in store for the IT sector. The strength of the US economy and the depreciation of rupee will be tailwinds for the IT sector.”

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, also said the key factors to watch include TCS's Q3 results and Friday's US Non-Farm Payroll data.

Another reason behind the weakness on Dalal Street is sustained FII selling pressure, with Rs 3,362 crore worth of net sales yesterday, bringing the January total to Rs 11,932 crore.

(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)