The Indian stock market experienced a mixed trading session today, with the Sensex declining by 180 points and the Nifty slipping by 37 points. This downturn was largely influenced by a significant drop in IT stocks, which has raised concerns among investors.
At the close, the Sensex stood at 82,445, while the Nifty was at 25,289, reflecting a weak market sentiment. The IT index fell by 2.88%, with major contributors to the decline being TCS, Tech Mahindra, and Infosys. The sell-off in IT stocks has overshadowed positive movements in other sectors.
Specifically, TCS shares fell 2.76% to Rs. 3,081.70, while Tech Mahindra dropped 3.44% to Rs. 1,500.30. Similarly, Infosys saw a decline of 2.61% to Rs. 1,500. These losses in the IT sector have weighed heavily on the overall market performance.
On a more positive note, the banking sector showed some resilience, with the Nifty Bank index gaining 0.17% or 95.20 points, reaching 55,554.05. This improvement comes after a period of two months of losses, indicating a possible recovery as credit growth stabilizes and retail demand increases.
Amidst the market“s struggles, certain stocks stood out. Adani Power shares surged by 17% following its stock split, reaching a new 52-week high of Rs. 168.80. This dramatic increase was accompanied by substantial trading volumes, highlighting strong investor interest.
Other notable gainers included Adani Enterprises, which rose 2.97% to Rs. 2,599, and Bajaj Auto, which gained 1.83% to Rs. 9,136. Hero Motocorp and Bajaj Finance also posted gains, reflecting some positive developments even as the overall market faced challenges.
As the day progressed, the advance-decline ratio indicated a slight selling pressure, with 1,319 gainers against 1,398 losers. This suggests that the market is currently navigating through a phase of sector rotation, with banking and power stocks showing strength while the IT sector continues to face headwinds.
Looking ahead, the overall market outlook reflects a complex scenario where institutional inflows remain positive, but short-term pressures persist, particularly in the technology sector. The market remains dynamic, with ongoing investor interest in various sectors.
