Indian stock markets declined sharply, with heavy selling in technology shares dragging the benchmark indices lower. The BSE Sensex dropped over 400 points, while the Nifty slipped below the 25,850 mark during the session.
The fall was mainly driven by losses in major IT stocks. Infosys, TCS, HCL Tech and Tech Mahindra were among the biggest losers, falling between 2% and 4%. Investors turned cautious amid concerns about the impact of artificial intelligence on traditional IT services and uncertainties around future earnings growth. Weak global sentiment further added pressure to the sector.
Broader market sentiment was also affected by strong US economic data, particularly robust jobs numbers, which reduced expectations of early interest rate cuts by the US Federal Reserve. Higher-for-longer interest rate concerns typically reduce global risk appetite and weigh on emerging markets like India.
Despite the broad-based weakness, some stocks offered limited support to the indices. ICICI Bank, Axis Bank, NTPC and Power Grid were among the key gainers, posting modest gains during the session. However, their rise was not enough to offset the sharp decline in IT counters.
Other sectors showed mixed performance, with banking and select energy stocks holding relatively steady, while technology and some large-cap names remained under pressure.
Market analysts said that while India’s macroeconomic fundamentals remain stable, near-term volatility is likely due to global cues and sector-specific headwinds. Rising crude oil prices and cautious global trends also contributed to the subdued mood.
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