IT Stocks Drag Indian Markets as Sensex, Nifty Dip in Early Trade
IT Stocks Drag Indian Markets as Sensex, Nifty Dip in Early Trade
Tech giants pull down India's equity indices in early trading as profit-taking hits IT majors, with banks offering limited relief.
Indian equity markets opened lower on Thursday as heavyweight IT and technology stocks led the retreat. At 9:18 AM IST, the Sensex stood at 83,918.17, down 315.47 points or 0.37 per cent, while the Nifty 50 traded at 25,853.80, down 100.05 points or 0.39 per cent. IT majors were the primary drag, with Infosys down 3.72% to 1,417.20, TCS slipping 2.72% to 2,830.70, and HCL Technologies lower by 2.85% at 1,507.40. Tech Mahindra fell 3.59% to 1,575.80 and Wipro shed 2.91%. The declines in these names weighed on the benchmark indices.
On the upside, some banking and public sector stocks offered limited support. Axis Bank rose 0.69% to 1,357.00, ICICI Bank gained 0.58% to 1,414.00, while PowerGrid and NTPC edged up around 0.27%. ONGC was among the early gainers, advancing 1.33% to 278.25. The day’s activity suggests a mixed mood, with tech weakness offsetting pockets of strength in select financials and energy counters.
Investors are watching how the IT-led weakness develops through the session, with traders awaiting further cues from earnings and external markets. The opening moves were clearly characterized by a defense around banking stocks despite the broader drag from technology names.
