Punjab News Network

Stock Market Updates: IT Shares Fall, Sensex Off Lows, Down 500 Points

<p><strong>Market Today:</strong> Following hotter-than-expected US inflation statistics that delayed the Fed’s intention to lower rates until the second half of 2024, equity benchmark indexes saw a steep decline at Wednesday’s opening thanks to a selloff in global markets. The NSE Nifty50 dropped 150 points to 21,594 while the BSE Sensex dropped 600 points to 70,899.</p>
<p><img decoding=”async” class=”alignnone wp-image-405618″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-stock-market-updates-it-shares-fall-sensex-off-lows-down-500-points-stock-market-c.jpg” alt=”theindiaprint.com stock market updates it shares fall sensex off lows down 500 points stock market c” width=”1005″ height=”670″ title=”Stock Market Updates: IT Shares Fall, Sensex Off Lows, Down 500 Points 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-stock-market-updates-it-shares-fall-sensex-off-lows-down-500-points-stock-market-c.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-stock-market-updates-it-shares-fall-sensex-off-lows-down-500-points-stock-market-c-150×100.jpg 150w” sizes=”(max-width: 1005px) 100vw, 1005px” /></p>
<p>On the Sensex, the companies that fell the worst were Wipro, Infosys, IndusInd Bank, HCLTech, Tech M, and Titan; Eicher was the other Nifty loser.</p>
<p>Reliance, BPCL, Adani Enterprises, and Adani Ports, on the other hand, saw advances on the forefront indexes.</p>
<p>Additionally, the BSE MidCap and SmallCap indexes had a 0.7-9% fall.</p>
<p>Brokers slashed Paytm’s target price by 20–60% after an RBI directive, causing the app to drop 9%.</p>
<p>The Reserve Bank of India placed limits on Paytm Payments Bank (PPB) two weeks ago. Foreign brokerages such as CLSA, Morgan Stanley, Jefferies, and Bernstein have lowered their target prices for One 97 Communications (Paytm) by 20–60% in response to the directive. The largest bear on the Street is Macquarie.</p>
<p>Although PPB limits do not directly affect the lending industry, brokerages seem to have differing opinions on the subject. A significant number of brokerages believe that this will have an influence on loan distribution, while others believe it will just affect the wallet business. All 33 crore wallets on Paytm are housed at PPB.</p>
<p><strong>Worldwide Cues</strong><br />
Following losses on Wall Street, Tokyo markets began lower on Wednesday as expectations for a swift reduction in interest rates by the Federal Reserve were dashed by persistently high US inflation figures.</p>
<p>Wall Street’s main indexes fell on Tuesday as market expectations of impending interest rate reduction were delayed by a higher-than-expected consumer inflation figure, which raised US Treasury rates.</p>