Top Losers of the Day – Tech Mahindra, HCL Technologies, and TCS Lead Decline on October 31, 2024

On October 31, 2024, the Indian stock market indices faced downward pressure, with both Sensex and Nifty50 witnessing declines. The BSE Sensex dropped by 553.12 points, closing at 79,389.06, a decrease of 0.69%. Similarly, the Nifty50 index ended at 24,205.35, falling by 135.50 points (0.56%).

Amidst this overall market decline, several prominent IT stocks recorded significant losses, making them the top losers in the Nifty50 index. Here’s a look at the top 5 losers for the day:

1. Tech Mahindra

Tech Mahindra share price led the losses, falling by 4.53% to close at ₹1,608.65. The stock opened at ₹1,669.80 and reached a low of ₹1,595.55 during the day, resulting in a decline of ₹76.30. This sharp decrease reflects heightened selling pressure in the IT sector, possibly due to global tech market concerns.

2. HCL Technologies

HCL Technologies share price saw a 3.96% decline, closing at ₹1,766.05. The stock fluctuated within the day’s range of ₹1,756.55 to ₹1,843.90 before settling at a loss of ₹72.75. The drop could indicate investor apprehension toward the tech sector amidst broader market uncertainties.

3. Tata Consultancy Services (TCS)

TCS share price faced a 2.84% decline, closing at ₹3,968.45. After opening at ₹4,078.30, TCS reached a low of ₹3,960.00, resulting in a loss of ₹116.20. The downward trend in TCS is part of a larger sentiment impacting the Indian IT industry today.

4. Infosys

Infosys’ share price closed at ₹1,757.25, reflecting a decrease of 2.49%, or ₹44.85. The day’s range saw it fluctuating between ₹1,746.50 and ₹1,787.90. The tech giant’s drop is consistent with the general decline in IT stocks amid global tech market challenges.

5. Wipro

Wipro share price ended the day at ₹551.80, a decrease of 2.38%. Opening at ₹566.30, the stock reached a low of ₹548.30 before settling with a loss of ₹13.45. Wipro’s decline follows the broader trend in the tech sector, influenced by market sentiment and sector-specific pressures.

The significant losses in these IT stocks highlight the sector’s sensitivity to global trends and investor sentiment, with broader implications for market movements in the coming days.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.