Benchmark indices extended losses in midday trade on Friday, with the Nifty slipping below the 23,900 mark and the Sensex falling over 1,000 points, dragged lower by a sharp selloff in IT stocks following weak earnings and guidance.

As of 12:30 pm, the Nifty 50 was at 23,884.65, down 1.19% (−288.40 points), while the Sensex stood at 76,628.03, lower by 1.33% (−1,035.97 points).

IT rout deepens; Infosys, HCL Tech hit 52-week lows

The selloff remained concentrated in IT stocks, with the sectoral index declining over 5% as earnings disappointments continued to weigh on sentiment.

Heavyweights Infosys and HCL Technologies were among the worst hit, both slumping to fresh 52-week lows during the session after weak Q4 performance and cautious outlooks.

Infosys dropped to around ₹1,167.70, while HCL Tech slipped to ₹1,207.60, extending losses after a sharp correction over the past few sessions.

Brokerages have turned cautious on the sector, with Motilal Oswal Financial Services warning of a “tough road ahead”, as AI-led deflation begins to compress existing business and intensify pricing pressure.

The brokerage also highlighted weak deal momentum and slowing conversion, adding to concerns around growth visibility.

Crude surge, West Asia tensions add to pressure

The risk-off mood was further amplified by elevated crude oil prices, with Brent trading above $106 per barrel and WTI near $96, amid escalating tensions in West Asia.

Disruptions to shipping flows through the Strait of Hormuz and continued geopolitical uncertainty have kept global energy markets on edge.

Higher crude prices have raised concerns around inflation, input costs and India’s current account, further weighing on investor sentiment.

Selling pressure extended beyond IT, with financials, autos, metals and oil & gas stocks trading in the red.

Private banks and broader financials added to the downside, contributing to the weakness in benchmark indices. Market breadth remained negative, indicating broad-based selling across sectors.