Markets Open Lower: Wipro's Weak Outlook Hits Sentiment, Sensex Drops Over 350 Points

Mumbai: Indian stock markets started Thursday on a weak note, pulled down mainly by IT shares after Wipro gave a disappointing outlook for the upcoming quarter. Both the Sensex and Nifty dropped sharply in early trading.

IT Stocks Under Pressure

The BSE Sensex slipped by 362 points to 76,682.29, while the NSE Nifty dropped 129.75 points to 23,307.45 in the opening session. The fall was led by major IT firms such as HCL Technologies, Tech Mahindra, Tata Consultancy Services (TCS), and Wipro. Other laggards included Tata Steel, Larsen & Toubro, and Titan.

Wipro’s stock took a major hit, falling more than 5 percent. This came despite the company reporting a 25.9% rise in its consolidated net profit for the March quarter, which stood at ₹3,569.6 crore. The market reacted negatively to Wipro’s warning of a weak first quarter for FY26, where it expects IT services revenue to decline by up to 3.5 percent, citing global economic uncertainties.

Banking Stocks Offer Some Relief

On the other hand, some banking and telecom stocks showed resilience. ICICI Bank, HDFC Bank, Bharti Airtel, and State Bank of India were among the top gainers, offering some cushion to the broader market fall.

Mixed Global Cues

Interestingly, while Indian markets opened in red, other major Asian markets were trading in the green. Indices such as South Korea's Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng were up.

In contrast, U.S. markets closed sharply lower on Wednesday, adding to global investor worries.

FIIs Stay Positive

Despite the weak trend, foreign institutional investors (FIIs) remained net buyers in the Indian markets, purchasing equities worth Rs 3,936.42 crore on Wednesday.

Oil Prices Edge Up

Brent crude, the global oil benchmark, rose by 0.87 per cent to usd 66.42 per barrel, which may add to inflationary concerns if the trend continues.