The Indian stock market witnessed a significant downturn on Wednesday, May 9th, with the benchmark Nifty 50 index dropping 345 points, a 1.55% decline, to settle at 21,957.50. The Sensex, the other key index, mirrored the bearish sentiment, dropping 1,062.22 points or 1.45% to close at 72,404.17. Technically, the Bse Sensex drop pushed it lower to trade at the bullish flag support level. This level would act as a strong level of support against further declines.

Sensex Index: TradingView

The Nifty 50’s trading range for the day spanned from 21,932.40 to 22,307.75, while the Sensex fluctuated between 72,334.18 and 73,499.49. These losses come on the heels of a bullish run that saw the Nifty’s 52-week high reach 22,794.70 and the Sensex’s peak at 75,124.28 over the last 52 weeks.

Tata Consultancy Services (TCS)

TCS, the IT behemoth, witnessed a 0.53% decline in its share price, closing at Rs 3,956.00, down Rs 20 points from the previous day’s close of Rs 3,976.95. The stock traded within a range of Rs 3,910.05 to Rs 3,971.00 during the session. Despite the dip, TCS has maintained a market cap of Rs 14.31 trillion and an average trading volume of 2.17 million shares over the past 30 days. The company’s price-to-earnings (P/E) ratio stands at 31.43, with a dividend yield of 1.29%.

Infosys

Bucking the trend, Infosys shares gained 0.48%, closing at Rs 1,434.15, an increase from its previous close of Rs 1,427.30. The stock traded between Rs 1,424.85 and Rs 1,449.95 during the day. Infosys boasts a market cap of Rs 5.96 trillion and an average trading volume of 7.85 million shares. The company’s 52-week range stretches from Rs 1,239.05 to Rs 1,733.00.

Hindustan Unilever Limited (HUL)

HUL, the consumer goods giant, witnessed a 0.86% decline in its share price, closing at Rs 2,321.00, down Rs 120 pts from the previous day’s close of Rs 2,341.05. The stock has traded within a range of Rs 2,319 to Rs 2,362  during the session. HUL commands a market capitalization of Rs 5.46 trillion and an average trading volume of 2.13 million shares. The company’s P/E ratio stands at 53.06, with a dividend yield of 1.80%.

Reliance Industries Limited (RIL)

RIL, the conglomerate giant, suffered a 1.84% decline in its share price, closing at Rs 2,785.00, down from the previous day’s close of Rs 2,837.10. The stock today traded between Rs 2,780.00 and Rs 2,847.50 during the session. RIL’s market capitalization stands at Rs 18.85 trillion, with an average trading volume of 5.07 million shares. The company’s P/E ratio is 27.07, and its 52-week range spans from Rs 2,193.43 to Rs 3,024.90.

In its fiscal Q4 2024 results, which ended on March 31, 2024, and were reported on April 22, 2024, RIL posted a revenue of Rs 2.37 trillion, an 11.08% year-over-year increase. However, its operating expenses also rose by 10.77% to Rs 541.22 billion.

HDFC Bank

HDFC Bank, the private lender, witnessed a 2.15% decline in its share price, closing at Rs 1,450.80, down from the previous day’s close of Rs 1,482.65. The stock traded between Rs 1,445.30 and Rs 1,486.75 during the session. HDFC Bank’s market cap stands at Rs 11.01 trillion, with an average trading volume of 15.74 million shares. The bank’s P/E ratio is 16.12, and its 52-week range spans from Rs 1,363.55 to Rs 1,757.50.

Also, during the day, Indian stocks recorded top Stock gainers, with SKF India leading the way.