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MARKETS: Sensex down 350 pts, Nifty tests 15,800; IT stocks gain, banks dip

By Administrator_India

Capital Sands

Dalal Street clocked a gap-down start on Monday as concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects weighs on sentiment.

The benchmark S&P BSE Sensex declined 360 points in early deals to trade at 52,781 levels while the Nifty50 started with a 100-pts cut at 15,823. In the broader market, the BSE MidCap and SmallCap indices slipped 0.4 per cent and 0.3 per cent, respectively.

All the key sectoral indices were in the red. The Nifty Bank index was the top loser, down 1.5 per cent.

Earnings today

ACC, HCL Technologies, HDFC Life, Indian Bank and Mastek are among 25 firms slated to post their June quarter numbers today.
HCL Tech’s Q1 performance is likely to be impacted due to supply-side challenges amid the second Covid-19 wave. The net profit could rise in the range of 6-11 per cent year-on-year on a 14 per cent growth in revenue (rupee terms).