Twitter has yet another topic to discuss as Indian stocks hit new low

All has not been well with the Indian stock market and echoes of it have also reached Twitter. As Indian stocks are going through a low phase, StockMarketIndia has taken the top spot on Twitter’s trending list. While the main reason for the three-week low can be attributed to losses in IT, inflation was also a major catalyst globally, which cast a shadow over the well-being of investors in general. .

The what and the why

Alongside Monday’s blues, the Indian stock market faced an additional burden as Indian stocks hit a three-week low. Apparently, the start of the week has not been as pleasant as expected for the Indian stock market. In addition to losses in the IT field, inflation is also a major player leading to the crash. The NSE Nifty 50 index saw a 1.89% drop in price to 17,142.50, while the S&P BSE Sensex fell 2.15%.

The magnitude of the losses is also reflected by Infosys which hit its lowest level in eight months, with a fall of 9.1%. This came as a shock surprise to analysts who expected the company’s consolidated net profit for the March quarter to be Rs 59.80 billion. However, the country’s top software service provider managed to earn a profit of only Rs 56.86 billion. It’s safe to say that this drop in earnings is the only factor that pushed Nifty’s sub-index down more than 4%.

It’s not just Infosys that went through this rather difficult phase. Last week was also not very good for Tata Consultancy Services as it slightly missed the mark and its shares fell 3.5%. The week was indeed quite weak for the IT sector in general. According to Saurabh Jain, Assistant Vice President, SMC Securities,

It was a weak set of numbers from Infosys and TCS was also a disappointment; companies are under severe cost pressure and this will affect mid cap stocks and we will see a valuation reset.

What’s even more concerning is the fact that it’s not just the IT sector that was overshadowed by last week’s losses. HDFC Bank, which is the country’s top private sector lender, also extended its losses to an eighth session. The bank’s March quarter results were down 3.5%. The increased share of business loans, in addition to weak growth in credit cards and auto loans, led to a contraction in the bank’s net interest margin, which is a key measure of profitability.

Now let’s take a look at the various responses and reactions on Twitter following the fall in Indian stocks.

At least the memes never bottomed out

Heartbreak can look like this too…

Talk about balancing the equation

Jessica C. Bell