Connect with us

Hi, what are you looking for?

The PostThe Post

News

Indian Stock Markets Decline from Record Highs Amid Profit-Taking and Global Cyber Outage

Indian Stock Markets Decline from Record Highs Amid Profit-Taking and Global Cyber Outage
Indian Stock Markets Decline from Record Highs Amid Profit-Taking and Global Cyber Outage

On Friday, Indian stock markets saw a decline from their record highs due to broad-based profit booking and a global cyber outage that disrupted various sectors. The NSE Nifty 50 index fell by 1.09% to 24,530.9, while the S&P BSE Sensex dropped by 0.91% to 80,604.65. Earlier in the day, both indices had reached record highs, marking a brief period of positive performance before the end-of-day slump.

The decline on Friday reduced the benchmarks’ weekly gains to a modest 0.1%, ending a seven-week winning streak, the longest since January 2018. The brief rally earlier in the session had contributed to the overall positive trend in the indices, but the profit-taking and external disruptions led to the late-day losses.

Indian Stock Markets Decline from Record Highs Amid Profit-Taking and Global Cyber Outage

Indian Stock Markets Decline from Record Highs Amid Profit-Taking and Global Cyber Outage

The global cyber outage significantly affected operations across multiple industries, including airlines, broadcasters, and financial services. In India, airlines like Interglobe Aviation and brokerages such as Nuvama Wealth Management and Motilal Oswal Financial Services experienced operational challenges, with some firms seeing losses between 1% and 4%.

Market sentiment was also impacted by nervousness surrounding the upcoming national budget scheduled for July 23. Analysts anticipate that the budget will aim to boost consumption while maintaining fiscal prudence, contributing to the current market apprehension.

In individual stock performances, Reliance Industries, a major component of the Nifty 50, saw a 2% decline ahead of its quarterly results announcement. Conversely, Infosys saw a 2% increase after revising its revenue growth outlook for fiscal year 2025. However, Persistent Systems faced a 6.4% drop following lower-than-expected operating profit margins. Overall, all major sectors recorded losses on Friday, with small-cap and mid-cap indices both falling by about 2%.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

News

Mumbai is renowned for its intense monsoon season, which, while often romanticized on social media, frequently results in significant disruptions across the city. Flooding...

Entertainment

Calling all K-Pop fans! Get ready to welcome a new boy group to the scene. NV Entertainment, home to the girl group Woo!ah!, is...

Politics

Oscar Hoyle, who runs Blossom, a support service for LGBTQ+ Gen Z, notes that politics is unavoidable for the transgender and non-binary young adults...

News

In a heartbreaking incident, four people, including a two-year-old boy, lost their lives while attempting to cross the English Channel, according to French authorities....