FX.co ★ India Equities Fall Slightly

India's stock market experienced a decline of 73 points, or 0.1%, settling at 76,971 in early trading on Thursday, interrupting a three-day streak of gains largely due to significant downturns in technology stocks. The Nifty IT index dropped by 2.1%, primarily impacted by Wipro's 5.5% decrease attributed to a less optimistic forecast for the forthcoming quarter. Other declines included HCL Tech, which fell by 3.2%, and Infosys, down by 2.1%, while JSW Steel and Tech Mahindra each saw reductions of 1.9%. This downward trend in the BSE Sensex reflected a similar decline on Wall Street the previous night, spurred by a widespread sell-off in tech equities. Investors were also processing remarks from Federal Reserve Chairman Powell, who indicated that the Fed is in no rush to lower interest rates in light of potential inflationary concerns and growth slowdowns connected to new tariffs imposed by Trump. Markets will remain closed on Friday in observance of the Easter holiday. For the week, the index is on track for a 2.4% increase, marking its first weekly rise in three weeks, supported by optimism regarding potential further tariff exemptions and interest rate reductions by the Reserve Bank of India (RBI) amidst an inflation deceleration.