ITC Stock Takes a Hit: Sensex and Nifty Fall in Early Trade
Indian Markets Dip as ITC Shares Fall
Indian stock markets experienced a dip in early trade on Wednesday, with ITC leading the decline. Reports suggesting a stake sale by British American Tobacco (BAT), ITC’s largest shareholder, weighed heavily on the company’s shares.
Sensex and Nifty Slump
The benchmark Sensex fell by 200.32 points, settling at 81,351.31. Meanwhile, the Nifty index dipped 61.2 points, reaching 24,765. Several other Sensex companies also saw declines, including IndusInd Bank, Nestle, Titan, Kotak Mahindra Bank, Mahindra & Mahindra, Reliance Industries, and Maruti.
ITC Shares Plunge Amid Stake Sale Rumors
ITC shares dropped over 3 percent following reports that BAT aims to sell part of its 2.3 percent stake in the diversified conglomerate via a block deal. Analysts believe this move could keep ITC stock subdued in the near future.
Other Notable Movers
On the positive side, Infosys, Eternal, Tata Motors, Tech Mahindra, Bharti Airtel, and Tata Consultancy Services witnessed gains.
Asian and US Markets
Asian markets showed mixed performance, with South Korea’s Kospi, Japan’s Nikkei 225 index, and Shanghai’s SSE Composite index trading in positive territory. However, Hong Kong’s Hang Seng index quoted lower. US markets ended on a strong note on Tuesday, with the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average all recording substantial gains.
Investor Sentiment and Global Oil Prices
Foreign Institutional Investors (FIIs) showed bullish sentiment, purchasing equities worth Rs 348.45 crore on Tuesday. Meanwhile, global oil benchmark Brent crude climbed 0.37 percent to USD 64.33 a barrel.
