Market Wrap: D-Street snaps 2-day winning streak, Sensex sheds 720 pts, Nifty below 24,100 as IT and banks drag
IT stocks, as investors remained cautious ahead of the corporate earnings season starting next week.
The benchmark BSE Sensex lost 720.60 points or 0.90% to close at 79,223.11, while the broader Nifty 50 index closed at 24,004.75, lower by 183.90 points or 0.76%.
Sector Watch
Financial stocks were the biggest drags on the benchmarks, with the Nifty financial services closing 1.1% lower while Nifty Bank posted 1.2% decline for the day.
Nifty 50 heavyweights HDFC Bank and ICICI Bank led the declines on the benchmark, ending lower at 2.5% and 1.9%, respectively.
IT stocks were among the biggest drags on the Nifty 50, with three of the top six laggards coming from the sector. TCS shares fell 1.9%, while Infosys and ITC each ended 1% lower. The weakness in IT stocks, which derive a significant portion of their revenue from the U.S., aligns with broader market weakness following the U.S. Federal Reserve's signal of fewer-than-expected rate cuts in 2025.
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