Sensex ends over 550 points lower, Nifty dips as IT stocks slide

The benchmark indices closed Thursday’s trading session on a weak note, pressured by a sharp decline in information technology stocks.
The S&P BSE Sensex dropped by 553.12 points to close at 79,389.06, while the NSE Nifty50 fell 135.50 points, settling at 24,205.35. Broader market indices also declined as volatility weighed on investor sentiment across Dalal Street.
Among Nifty50 stocks, the top gainers were Cipla, L&T, ONGC, Dr. Reddy’s, and M&M. Meanwhile, HCLTech, Tech Mahindra, TCS, Asian Paints, and Infosys emerged as the biggest laggards.
Vinod Nair, Head of Research at Geojit Financial Services, commented, “The key benchmark indices traded with mild cuts while experiencing a broader sell-off in the technology sector due to weakness in the US IT companies, which has led the domestic IT companies to come under the shadow of underperformance.”
He further noted that while weak domestic earnings for the second quarter keep investors cautious, a rebound in core sector data and government spending may drive the market momentum in the latter half of the year, influencing strategies for the Samvat 2081 investment period.