Thu Oct 31 02:50:00 UTC 2024: ## Indian Markets Dip as Tech Stocks Struggle, L&T Reports Strong Earnings

**Mumbai, India** – Indian stock markets opened lower on Thursday, with the benchmark S&P BSE SENSEX and NSE’s NIFTY50 index both registering declines of 0.30% and 0.27% respectively. The decline was primarily attributed to weakness in technology stocks, mirroring overnight losses on Wall Street.

Tech Mahindra, Infosys, TCS, Trent, and Shriram Finance were among the top losers on the NSE. Conversely, Cipla, L&T, Sun Pharma, Dr Reddy’s, and Hero MotoCorp saw gains.

Larsen & Toubro (L&T) reported strong quarterly results, with a 21% year-on-year jump in consolidated revenue to ₹61,555 crore, compared to ₹51,024 crore in the previous year. Net profit also rose by 5.5% year-on-year to ₹3,395 crore.

Asian markets followed a similar trend, with Japan’s Nikkei and South Korea’s Kospi falling 0.5% and 1.3% respectively. The decline was largely attributed to the chip sector tracking losses on Wall Street, as well as concerns over rising costs for artificial intelligence highlighted by Facebook owner Meta Platforms.

Adding to the regional tension, North Korea fired what the US identified as an intercontinental ballistic missile (ICBM) into the sea off its east coast.

While the broader market sentiment remains cautious, L&T’s strong earnings and anticipation of earnings reports from Apple and Amazon later in the day may provide some support for investors.

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