Final Trade: Sensex drops 423 points; Nifty ends at 23,202 amid IT, bank slump
The decline was primarily led by losses in IT and banking stocks, while a few gainers helped limit the downside.
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Benchmark indices ended the week on a negative note, with the Sensex falling 423.49 points to settle at 76,612.
Meanwhile, the Nifty50 dropped 108.60 points to close at 23,203.20.
The decline was primarily led by losses in IT and banking stocks, while a few gainers helped limit the downside.
Sectoral indices under pressure
Major sectoral indices like Nifty IT, Nifty Financial Services, and Nifty Bank faced significant losses, contributing to the market's weak performance. Broader indices displayed mixed trends, but volatility spiked during the trading session, reflecting investor concerns.
IT stocks slump on weak Q3 sentiment
IT heavyweights Infosys, Wipro, and Tech Mahindra witnessed sharp declines, with Infosys shares sliding nearly six per cent. The IT sector struggled as cautious commentary around discretionary spending raised concerns over Q3 earnings.
Banking stocks weigh down indices
Private banking stocks also struggled, with Axis Bank, Kotak Mahindra Bank, and Shriram Finance emerging as major losers. Analysts cited subdued deposit and credit growth expectations alongside tighter liquidity conditions as reasons for the decline.
Reliance and select stocks limit losses
Today's top gainers included BPCL, Coal India, Nestle India, and Hindalco. Reliance Industries, a key heavyweight, gained 2.65 per cent, limiting the market's downside after posting robust Q3 results.
Expert insights on market trends
Vinod Nair, Head of Research at Geojit Financial Services, highlighted the drag from IT and banking sectors, stating, “A cautious outlook on discretionary spending led to a decline in IT stocks, while private banking stocks fell on expectations of subdued growth.”
Outlook for investors
With Q3 earnings dominating sentiment, volatility is expected to persist. Analysts advise a selective approach amid ongoing global uncertainties and domestic liquidity challenges.
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