ET Market Watch: IT stocks crash, markets lose Rs 2.3 lakh crore; Trump's Fed visit jolts sentiment
Hi, you're listening to ET Markets Radio, I'm your host Neha V Mahajan.
Welcome to a fresh episode of ET Market Watch, where we bring you the top stories from Dalal Street every single day.
Here's what made the markets tumble:
Indian benchmark indices ended sharply lower today.
The BSE Sensex fell 542 points to close at 82,184, while the Nifty50 lost 158 points, ending at 25,062.
Early in the day, the Sensex had plunged over 680 points as weak earnings and global worries weighed heavily on sentiment.
The damage? A massive ₹2.3 lakh crore wiped off in market cap, bringing the total valuation of BSE-listed companies to ₹458.05 lakh crore.
The biggest culprit? IT stocks.
The Nifty IT index slumped 2.2%, leading the sectoral losses.
Coforge tanked nearly 9% after posting weak margins and negative free cash flow. The company spent $85 million on capex — most of it to build a new AI data centre, a strategic shift from asset-light to asset-heavy.
Persistent Systems missed its growth targets, deal wins were flat, and it deferred wage hikes. The stock fell over 8%.
Even Infosys dropped 1.4% after a muted Q1.
Other sectors like realty, FMCG, financial services, and private banks also saw losses between 0.5% and 1.1%.
Broader markets didn't hold up either, with midcaps and smallcaps also in the red.
In a surprise development, the White House announced that President Donald Trump will visit the Federal Reserve, a highly unusual move.
This escalated concerns of political interference, rattling global investors ahead of the next Fed policy meet. While the US central bank is expected to hold rates steady, the political overhang created fresh uncertainty.
And if that wasn't enough, there's tension on the trade front too.
An interim trade deal between India and the US before the August 1 deadline now looks unlikely.
Talks have stalled over tariff cuts on key agricultural and dairy products.
Back in April, Trump had threatened a 26% tariff on Indian imports, which was paused temporarily. That pause ends next week and India has yet to receive a formal exemption letter.
A US delegation is expected in New Delhi soon but so far, no breakthrough.
To sum it up:
-IT earnings disappointed
-Global nerves were frayed by Trump's Fed visit
-Trade deal hopes dimmed
That's a tough mix for any market to digest.
Thanks for tuning in to ET Market Watch. I'm Neha Vashishth and I'll catch you tomorrow with more key insights from the markets.
Until then, take care and invest wisely.
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