Mumbai: Following N. Chandrasekaran’s decision to step down as chairman of Tata Sons, selling pressure on Tata Group stocks intensified, and India’s key stock market indices ended lower for the second straight day today. The Nifty closed below the 24,400-point mark.
Shares of TCS, which is listed on the stock market index, fell 3.71 percent after N. Chandrasekaran announced that he would step down as chairman of Tata Sons, the Tata Group’s parent company, when his current term ends in February 2027. The 63-year-old Chandrasekaran has served the Tata Group for 40 years. This includes his tenure as CEO of TCS from 2009 to 2017. Following the announcement, TCS fell by more than 5%, Tata Motors by about 3.3%, and Titan and Tata Steel by more than 2%.
In early trading, the stock market fell in the first half as it failed to hold on to the gains it had made. As a result, Nifty slipped below 24,300 points. However, a recovery in the final hour of trading helped the index bounce back, leading Nifty to close above 24,400 points.
At the close of trading, the Sensex fell 187.90 points to 77,966.35, while the Nifty declined 35.75 points to settle at 24,435.95.
In the Sensex, shares of Mahindra & Mahindra, Tata Steel, Larsen & Toubro, Eternal, and Infosys fell, while shares including State Bank of India, Bharti Airtel, UltraTech Cement, and Power Grid rose.
In the Nifty, shares of TCS, Max Healthcare, Apollo Hospitals, M&M, and Tata Steel fell, while shares including Hindalco, Bharti Airtel, SBI, Jio Financial, and UltraTech Cement rose.
In sector-wise terms on the Nifty, the public sector bank index rose 2.05 percent, Nifty Media 1.05 percent, Nifty Bank 0.77 percent, and Nifty Metal 0.54 percent. On the other hand, IT fell 1.54 percent, India VIX 1.43 percent, and FMCG 0.73 percent.
The Nifty Midcap 100 index rose 0.3%, while the Nifty Smallcap 100 index ended lower.
In Asian markets, South Korea’s KOSPI index rose 3.68 percent, while Japan’s Nikkei 225 and Shanghai’s SSE Composite index also ended higher. At the same time, Hong Kong’s Hang Seng index closed lower.
While European markets traded mostly in positive territory, U.S. markets ended lower yesterday (Tuesday).
Based on stock market data, foreign institutional investors bought shares worth Rs. 258.55 crore yesterday (Tuesday).
More than 160 stocks, including Finolex Cables, Aditya Infotech, Aarti Industries, Apar Industries, Belrise Industries, Bosch, Ather Energy, Sai Life Sciences, Anand Rathi Wealth, Welspun Corp, KEI Industries, Siemens, Dr. Lal PathLabs, Pidilite Industries, Divi's Laboratories, Lenskart Solutions, and Ather Industries, hit their 52-week highs today.
