Sensex slips 70 points as Nifty 50 ends below 24,000 on HUL drop despite IT gains
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Indian equities were subdued as Sensex ended marginally lower and Nifty slipped below 24,000, with HUL's sharp decline offsetting continued strength in IT. Earnings drove pronounced single-name dispersion, while weak breadth (advance-decline 1:2) signaled fragile risk appetite. Commentary highlighted potential sector rotation toward Indian IT amid discounted valuations and low institutional ownership, supporting selective buyers despite broader market softness.
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Indian equity benchmarks were muted, with the Sensex ending flat and the Nifty slipping below 24,000. Hindustan Unilever (HUL) led declines after missing volume expectations, while Suzlon Energy, Godfrey Phillips India and Varun Beverages fell as much as 10% after weaker quarterly results. Coforge rose more than 10% on upbeat guidance. Large-cap IT stocks such as TCS, Infosys and Wipro are trading at a 20%-25% discount to their 10-year average valuations, while mutual-fund ownership has fallen from 15%-16% to 5%-6%.
