Market Wrap: Benchmarks Slip as IT and Energy Drag; L&T Rallies on Strong Q2

Fed Delivers Hawkish

Indian equity benchmark indices ended lower today, weighed down by selling pressure across IT and Energy stocks despite supportive global cues.

Top Gainers:

  • Larsen & Toubro (L&T): Surged strongly following stellar Q2 earnings and strong order inflows.
  • Capital Goods & Infrastructure: Select infrastructure stocks saw modest gains on back of robust execution outlook.

Top Losers:

  • IT Majors: Heavyweight tech stocks including TCS, Infosys, and Wipro witnessed profit booking and selling pressure.
  • Energy Stocks: Reliance Industries and ONGC dragged the benchmark indices lower.

Earnings Highlights:

  • L&T reported impressive Q2 net profit growth, driven by execution momentum across key projects and a solid international order book.
  • Earnings across the IT and Energy sectors reflect cautious commentary amidst broader global macroeconomic trends.
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