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Business & Stocks Economic Times Markets • Oct 09, 2026

Nifty Plummets 1.5% Near April 2026 Low Amid Sell-Off: TCS Posts 15% Q2 Net Profit Rise Alongside ITC Block Trades

💡 Key Takeaways

•Benchmark Nifty index plunged by nearly 1.5% to near April 2026 low levels.
•TCS reported a strong 15% year-on-year surge in consolidated Q2 net profit.
•ITC witnessed substantial block trades while Infosys and Wipro saw declines during US hours.

NEW DELHI [NCRBuzz Wire] — **Indian equity benchmarks experienced a sharp correction on Thursday, with the Nifty index plunging by approximately 1.5% as aggressive selling pressure swept across multiple sectors.** Market analysts noted that the index is currently hovering near its April 2026 lows, exposing ongoing structural vulnerabilities amid shifting foreign institutional investor (FII) flows and macroeconomic headwinds.

**TCS emerged as a key outperformer amid the market gloom, posting a substantial 15% year-on-year growth in consolidated net profit for the second quarter.** The stellar performance by the country's largest IT services exporter provided a temporary cushion against broader tech sector volatility, even as peer companies faced external pressures during US trading hours.

**Corporate action activity remained elevated throughout the session, highlighted by significant block trades in ITC shares and localized selling in Infosys and Wipro.** Investors closely monitored international cues as global tech valuations adjusted following recent Federal Reserve commentary and currency fluctuations involving the USD-INR pair.

### Financial Metrics & Market Performance

| Metric / Aspect | Details |

|---|---|

| Nifty Index Shift | Down by ~1.5% |

| Market Vulnerability Benchmark | Near April 2026 Low |

| TCS Q2 Performance | 15% YoY Rise in Consolidated Net Profit |

| Key Corporate Activity | ITC Block Trades Executed |

| Tech Sector Action | Infosys & Wipro Declines During US Hours |

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🏛️ Background Context

Indian financial markets have experienced intermittent volatility driven by shifting institutional flows, global monetary policy shifts by the US Federal Reserve, and quarterly earnings performance across bellwether IT and FMCG conglomerates.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What caused the sharp 1.5% drop in the Nifty index?

The Nifty index dropped by nearly 1.5% due to robust and aggressive selling pressure across multiple market sectors, pushing it near its April 2026 low.

Q2: How did TCS perform in the second quarter financial results?

TCS announced a strong 15% year-on-year increase in its consolidated net profit for the second quarter, outperforming the broader market trend.

Q3: What major stock trading activities occurred for ITC, Infosys, and Wipro?

ITC engaged in a substantial block trade during the session, while shares of Infosys and Wipro faced downward pressure and declines during US market trading hours.

Verified Wires: Economic Times Markets Original Wire Dispatch ↗

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