Wipro Ltd has extended its losing streak to a fifth consecutive session, currently trading at ₹177.33, down 0.89% on the NSE as of 13:19 IST on June 13. According to Business Standard, the stock has lost around 6.46% in the last one month and tumbled 31.69% in the last one year, significantly underperforming the broader market. The NIFTY is up around 0.16% on the day, quoting at 23,252.15, while the Sensex is at 74,103.12, up 0.16%, indicating a recovery in overall market sentiment despite Wipro's continued weakness.
The Indian stock market witnessed a sharp broad-based selloff on June 8, with benchmark indices dropping over 1% due to rising crude oil prices and weak global cues. According to The Economic Times, the S&P BSE Sensex closed 719.09 points, or 0.97% lower at 73,524.26, while the NSE's NIFTY50 ended at 23,123, reflecting a 243.70-point, or 1.04% decline. The broader markets also faced significant pressure, with both the NIFTY Midcap 100 and NIFTY Smallcap 100 indices ending with cuts of 1.40% and 1.92% respectively, indicating widespread weakness across all market segments. The SENSEX tanked as much as 1.25% to touch an intraday low of 73,318.94, while the NIFTY50 touched the session's low of 23,070.15, highlighting the volatile trading conditions throughout the session.
Wipro's trading volume stood at 101.5 lakh shares today, compared to the daily average of 366.45 lakh shares in the last one month, as reported by Business Standard. This represents a significant decline in trading activity, indicating reduced investor interest and potential selling pressure. The benchmark June futures contract for the stock is quoting at ₹176.3, down 0.96% on the day, suggesting continued bearish sentiment in the derivatives market. The stock's PE ratio stands at 15.48 based on TTM earnings ending March 26, reflecting the current market valuation amid ongoing challenges.
The Nifty IT index, of which Wipro is a constituent, has eased around 1.39% in the last one month and is currently quoting at 28,279.9, down 1.55% on the day, according to Business Standard. This underperformance of the IT sector compared to the broader market highlights the specific challenges facing technology stocks. Other major losers in the NIFTY Smallcap 100 included IFCI (-7.64%), Gujarat Mineral Development Corporation (-7.56%), Firstsource Solutions (-6.64%) and Aarti Industries (-5.99%). The NIFTY IT index has fallen 27.61% over the past year, significantly outperforming Wipro's 31.69% decline, indicating sector-specific headwinds affecting the company's performance.
Amid the broad-based selloff, a few stocks managed to end in the green, led by Max Healthcare Institute, which jumped 2.95% to ₹2,950 apiece. According to The Economic Times, other gainers included Power Grid Corporation of India (1.52%), Bharti Airtel (1.22%), Bharat Electronics (1%), Nestle India (0.99%) and Alkem Laboratories (2.27%). In the NIFTY Midcap 100, Fortis Healthcare (1.74%), LG Electronics India (1.30%), Info Edge (1.02%) and Mankind Pharma (0.81%) were among the top winners. This selective performance highlights the defensive nature of certain sectors during market volatility, with healthcare and FMCG stocks showing resilience despite the broader market weakness.
