Indian equities plummeted on Monday, with the Sensex and Nifty facing significant losses due to disappointing earnings, stalled India-U.S. trade talks, IT sector layoffs, and persistent foreign investor outflows. Kotak Mahindra Bank's poor results and TCS's workforce reduction further dampened market sentiment.
Stock markets declined for the second day in a row on Friday, with the Sensex tumbling 721 points due to heavy selling in financial, IT and oil & gas shares amid persistent foreign fund outflows.
From the Sensex firms, Trent, Tech Mahindra, Bajaj Finserv, Reliance Industries, Infosys, Kotak Mahindra Bank, HCL Technologies, and NTPC were among the biggest laggards.
However, Eternal, Tata Motors, Sun Pharma, Tata Steel, and Titan were the gainers.
Infosys has emerged as the fastest-growing Indian IT services company, significantly exceeding analysts' expectations with its latest quarterly results. But while Infosys is optimistic about its growth this year, the IT services sector remains wary of persistent macroeconomic challenges.