TCS, HCL Tech, M&M see heavy trading volumes amid market downturn

Stock Market

The stocks of Tata Consultancy Services (TCS), HCL Tech, Mahindra & Mahindra (M&M), Larsen & Toubro (L&T), Bajaj Finserv and Tata Steel saw heavy trading volumes on February 24. This comes amid a significant downturn in the market.

TCS shares were trading at a volume over 3 percent higher than their 10-day average. Meanwhile, HCL Tech shares were trading at a volume nearly 2.49 times higher than their 10-day average. Both the stocks saw a strong decline in share prices. HCL Tech shares were trading nearly 4 percent lower at Rs 1,638 apiece, while those of TCS were down 3 percent to trade at Rs 3,680 apiece. Larsen & Toubro (L&T) stock also saw strong volumes, higher than its 10-day average. The stock dropped over 1 percent to trade at Rs 3,270 per share.

This comes as the IT stocks continue to see strong selling pressure amid concerns surrounding US's slowing economy. Domestic IT firms that are reliant on services exports to US bore the highest brunt of the losses.

While IT stocks tumbled over selling pressure, auto stocks saw a strong surge in volumes amid rising interest, as concerns over Elon Musk's Tesla disrupting the Indian market eased. Mahindra & Mahindra (M&M) shares saw trading volumes higher than its 10-day average. The stock remains the top gainer on Sensex, rising nearly 2 percent to trade at Rs 2,713 per share.

Bajaj Finserv and Tata Steel also saw strong trading volumes. Bajaj Finserv shares were trading with minor losses at Rs 1,862. Tata Steel shares however traded in the deep red. The metal stock declined over 2 percent to trade at Rs 137.70 per share.

The Indian benchmark indices Sensex and Nifty recorded strong losses on February 24. The Sensex was down nearly 800 points (over 1 percent) to stand at 74,529. Nifty meanwhile dropped over 220 points (nearly 1 percent) to 22,575.