Why Sensex, Nifty 50 Are Nosediving After A Record Run? Key Factors Behind Selloff Rising interest rates, Key Factors Behind Selloff and more at news18.com
For FY24, Kotak said, the estimates for the fiscal were supposed to be weak and should play out that way. The brokerage expects banking crisis in US and Europe to impact Indian IT firms in June 2023 quarter.
Sensex and Nifty 50 stumbled by more than 1% on Monday after investors carried panic selling in IT stocks as concerns escalated following a disappointing fourth quarter by tech giants like TCS and Infosys. Markets were on a winning spree from March 29th to April 13 before correcting.
The IT stocks were in a free fall on Monday after Infosys Q4 earnings missed estimates. The Nifty IT index nosedived to hit a fresh 1-year low, with all stocks in the red. Experts believe other IT companies may also report a weak quarter, especially in the US market.
Markets have been in a 9-days rally in a row! They have been in green on all days of April hence. From March 29 to April 13th, Sensex skyrocketed by over 2,817 points or 4.9%. While Nifty 50 jumped by over 876 points or 5.2%.