TCS market cap slips below ₹10 lakh crore since December 2020; Vodafone Idea falls 3%

The equity benchmark indices BSE Sensex and NSE Nifty closed in the red on Thursday (February 12), ending near the day’s low amid sharp selling pressure in information technology stocks.

The Sensex fell 559 points to settle at 83,675, while the Nifty declined 147 points to close at 25,807, slipping below the 25,850 mark. Market breadth remained weak, with the NSE advance-decline ratio at 1:2, indicating broader selling across counters.

Nearly 30 Nifty stocks ended in the red, led by heavyweights Infosys, Tech Mahindra, TCS and Wipro. The Nifty IT index extended losses, falling over 5.5% in today’s trade, weighing significantly on headline indices. TCS’s

market capitalisation slipped below ₹10 lakh crore for the first time since December 2020.

Also Read: TCS, Infosys, Wipro shares slide as AI fears drag Nifty IT down over 5%

The Nifty Bank index edged lower by 6 points to 60,740. The Midcap index declined 284 points to 60,471, though select midcap counters saw stock-specific action.

From the Sensex basket, Bajaj Finance Ltd, Shriram Finance Ltd, Eicher Motors Ltd, ICICI Bank Ltd, Trent Ltd and Bharat Electronics Ltd were the major gainers. Tech Mahindra Ltd, Infosys Ltd, Tata Consultancy Services Ltd, HCL Technologies Ltd, Wipro Ltd and Mahindra & Mahindra Ltd were the biggest laggards.

Among individual stocks, Vodafone Idea fell nearly 3% after JPMorgan downgraded the stock to ‘Underweight’. LG Electronics declined nearly 4% after the company posted Q3 earnings below estimates. Physicswallah dropped 7% as shareholder lock-in ended today. AstraZeneca fell nearly 3% after reporting a 42% decline in Q3 EBITDA, with margin down 1,000 basis points year-on-year.

Also Read: LG Electronics India shares drop 5% after weak Q3 miss

Oil marketing companies HPCL, BPCL and IOC slid 2% each as Brent crude climbed above $69 per barrel. On the gaining side, Bharat Forge rose 2% on a positive outlook. Max Financial Services emerged as the top midcap gainer, rising 5% after its Q3 results.