Stock Market Today: Sensex Falls Over 680 Points, Nifty Below 23,000

Midcap and Smallcap indices underperformed the benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 falling over 1 per cent each. Volatile SMIDs bore the brunt of the selling pressure

IT stocks continued their downward trend, mirroring the decline in Wall Street’s "Mag 7" stocks

Source : ABPLIVE AI

Indian benchmark indices Nifty 50 and Sensex opened with losses on Friday, reflecting negative global cues amid prevailing risk-off sentiment. By 09:30 am, the Sensex had dropped 508.04 points, or 0.67 per cent, to 75,787.32, while the Nifty fell 189.45 points, or 0.81 per cent, to 23,060.65. Market breadth was weak, with 822 stocks advancing, 1,921 declining, and 114 remaining unchanged.

Sectoral Performance

IT stocks continued their downward trend, mirroring the decline in Wall Street’s "Mag 7" stocks. The Nifty IT index plummeted 2 per cent, with Coforge and Persistent Systems emerging as the top losers. All 10 constituents of the index traded in the red.

Auto, Metal, and Pharma sectors also saw losses exceeding 1 per cent each, as investors pared their positions. All 13 sectoral indices ended in negative territory.

Broader Markets

Midcap and Smallcap indices underperformed the benchmarks, with the Nifty Midcap 100 and Nifty Smallcap 100 falling over 1 per cent each. Volatile SMIDs bore the brunt of the selling pressure.

Expert Comment

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services​, noted, "Markets are going through heightened uncertainty which is likely to last some time. A trade war has been triggered by Trump and retaliatory tariffs from China, EU and others are on the cards. This will only extend the period of uncertainty and confusion in the market. It appears that contraction in global trade and decline in global growth are inevitable in the present context.”

Aditya Gaggar, Director of Progressive Shares, noted, "Index experienced a strong recovery from the lower levels, eventually closing at 23,250. It is now trading within a narrow range of 23,140-23,350, and a breakout in either direction is essential to determine the market's next move. Early indications from GIFT Nifty point towards a potential retest of its previous session's low; while BankNifty is facing resistance at 51,600; while on the flip side, the level of 50,900 will provide the support."