Sensex Down 200 pts, Nifty Trades Near 24,800; TCS Cuts 12,000 Jobs

The Indian benchmark indices are swinging on a choppy note in today’s trading session. Sensex is down by over 226 pts or 0.28% at 81,236.59, while Nifty is trading at 24,788.15, down 48.85 pts or 0.20%. The downtrend was majorly triggered by Kotak Mahindra Bank’s weak quarterly earnings and uncertainty around U.S. trade talks.

Realty stocks came under intense pressure, led by losses in Lodha, Prestige, and Oberoi Realty. Private banks reported intense selling. Pharma stocks traded in green, led by rally in Laurus Labs and Cipla.

TCS shares are down 2% after the tech giant announced plans to lay off 12,000 employees. CDSL shares dropped by 4% after Q1 profits fell by 24% YoY to ₹102 crore.

On the global markets front, S&P 500 futures surged 0.4%, while Japan’s Topix fell 0.5%. Australia’s S&P/ASX 200 went up by 0.2%. Hong Kong’s Hang Seng soared 0.3%.