Stock Market Today: Sensex tumbles over 700 points, Nifty slips below 23,650 as IT stocks drag markets

Indian benchmark indices opened sharply lower on Tuesday, extending losses from the previous session amid global uncertainty, high crude oil prices, and pressure on the Indian rupee. Selling in information technology, financial, and real estate stocks weighed on market sentiment, while broader markets also traded under pressure.

At 9:33 AM, the BSE Sensex was trading at 75,295.24, down 720.04 points or 0.95 per cent. The NSE Nifty 50 fell 193.25 points, or 0.81 per cent, to 23,622.60.

Markets opened weak and continued to trade lower in early deals due to broad-based selling across sectors. Investors remained cautious because of rising geopolitical tensions and concerns over foreign fund outflows.

The fall in the market came after oil prices remained high following comments by US President Donald Trump. Reports said Trump rejected Iran’s peace proposal and warned that the ceasefire situation remains uncertain. Rising crude oil prices and weakness in the rupee also hurt investor sentiment, especially in sectors linked to imports and global demand.

The Indian rupee stayed under pressure after touching a fresh lifetime low against the US dollar. The weak rupee increased concerns over inflation and capital outflows. Analysts said volatility in global markets and weakness in the domestic currency may continue to keep equity markets under pressure in the near term.

IT stocks drag markets lower

Information technology stocks emerged as the biggest losers during early trade. The Nifty IT index declined more than 3 per cent and was the worst-performing sectoral index.

Among Sensex stocks, Infosys fell 3.23 per cent to Rs 1,138.80. TCS declined 3.38 per cent to Rs 2,311.60. Tech Mahindra dropped 2.76 per cent, while HCL Technologies slipped 2.26 per cent.

Market participants remained worried about global demand and currency-related volatility, which affected sentiment in technology stocks.

Asian Paints also traded lower and fell 1.41 per cent during the session. Adani Ports declined 1.88 per cent. Banking and financial stocks also remained under pressure. ICICI Bank, Bajaj Finserv, Axis Bank, and HDFC Bank were trading in the red during early trade.

Broader markets remain weak

Selling pressure was also seen in the broader markets. Midcap and smallcap stocks witnessed sharp declines, showing weak investor sentiment across the market.

The Nifty Smallcap 250 index was down 1.64 per cent, while the Nifty Microcap 250 index fell nearly 1.9 per cent. The Nifty MidSmallcap 400 index also declined by more than 1.3 per cent.

Analysts said investors are becoming cautious because of rising global tensions, high crude oil prices, and volatility in currency markets. Weak global cues and concerns over inflation have also led traders to reduce positions in riskier assets.

Most sectoral indices trade in red

Most sectoral indices were trading lower in early deals. Realty, media, chemicals, and IT sectors were among the major losers.

The Nifty Realty index fell 1.88 per cent, while the Nifty Media index declined 1.69 per cent. The Nifty Chemical index was also down more than 1.5 per cent, reflecting weakness in cyclical sectors.

However, a few sectors showed some strength despite the weak market trend. The Nifty Metal index traded 0.30 per cent higher due to gains in select metal stocks. The Nifty Oil & Gas index also remained slightly positive despite high crude oil prices.

Among Sensex gainers, Bharti Airtel was the top performer and rose 0.72 per cent. Tata Steel gained 0.33 per cent, while NTPC also traded marginally higher in early trade.