Markets tumble as IT index cracks nearly 10% in 3 sessions; Nifty ends below 23,900

Benchmark indices ended Friday’s session sharply lower, with the Nifty slipping below the 23,900 mark and the Sensex dropping 1.29%, dragged down by a steep selloff in IT stocks and persistent global risk aversion.

The Nifty 50 closed at 23,897.95, down 275.10 points or 1.14%, while the Sensex settled at 76,664.21, down 999.97 points.

IT leads losses; broad-based selling across sectors

The decline was led by IT stocks, with the Nifty IT index plunging over 5%, making it the worst-performing sector of the day.

Infosys emerged as the top Nifty loser, falling around 7% after its Q4 results missed estimates. Other IT majors including TCS , Tech Mahindra and HCLTech  declined between 4–5%, with some stocks hitting fresh 52-week lows.

The Nifty IT index has now declined nearly 9–10% over the past three sessions, as weak earnings and cautious guidance from Infosys and HCLTech triggered a sharp sector-wide selloff.

Selling was broad-based, with all sectoral indices closing in the red, indicating widespread risk aversion across the market.

Banks, midcaps also under pressure

Broader market indices also remained under pressure.

The Nifty Bank index slipped 215 points to close at 56,090, while the Nifty Midcap index dropped 578 points to 59,375, reflecting weakness beyond frontline stocks.

Market breadth weak

Market breadth remained firmly negative, with the NSE advance-decline ratio at 1:3.

On the Sensex, 25 out of 30 constituents ended in the red, underlining the broad-based nature of the decline.

Gainers vs losers: defensives offer limited support

On the Nifty 50, Coal India , Trent , Hindalco , Nestlé India and Shriram Finance  were among the few gainers, rising up to 1%.

On the downside, Infosys, TCS, Tech Mahindra and HCLTech led the losses, followed by Sun Pharma , SBI Life, HDFC Life and ICICI Bank .

Crude spike, FII selling weigh on sentiment

Market sentiment remained fragile amid a sharp rise in crude oil prices and continued foreign outflows.

Brent crude traded above $106 per barrel, driven by escalating tensions in West Asia and concerns over supply disruptions through the Strait of Hormuz.

The spike in oil prices has raised concerns around inflation, input costs and India’s current account, adding to the risk-off mood.