Sensex snaps 3-day winning run, dips 111 points dragged by bank, IT stocks

economictimes.indiatimes.com:

ICICI Bank, Kotak Bank and IT stocks.

The BSE benchmark Sensex broke a 3-day winning run and fell 111 points or 0.15% to settle at 73,904. The broader NSE Nifty dropped 9 points or 0.04% to end at 22,453.

Among Sensex stocks, Kotak Bank, HCL Tech, ICICI Bank, Sun Pharma, and Infosys closed in the red, while M&M, Nestle India, Tata Motors, and SBI ended closed with gains.

Financial services, the highest-weighted sub-index on the Nifty, fell 0.22% following three sessions of gains on the back of the Reserve Bank of India easing provision norms on investments into alternative investment funds.

US rate-sensitive IT stocks fell 0.7%, after manufacturing data signalled strength in the US economy that could allow the Federal Reserve to delay rate cuts. Markets are pricing in a 62.1% chance of a 25 basis points rate cut in June.

Meanwhile, the more domestically focussed small and midcaps were up about 1.2% each.

Aditya Birla Fashion and Retail closed 11.6% after the apparel retailer said it was planning to demerge Madura Fashion & Lifestyle, which contributes over 70% of its total revenue, into a separate listed entity.

IREDA shares closed in a 5% upper circuit after the firm reported record growth in loan book in the fourth quarter of FY24.