Sensex Slides Over 400 Points, Nifty Slips Below 25,850; IT Selloff Weighs on Markets

Rising crude oil prices, driven by renewed concerns over escalating geopolitical tensions between the U.S. and Iran, added to market unease. Equity benchmarks traded sharply lower on Thursday, pressured mainly by weakness in information technology (IT) stocks. The decline comes amid diminishing expectations of an imminent U.S. Federal Reserve rate cut, following stronger-than-anticipated U.S. jobs data. Additionally, growing apprehensions around AI-led disruption in the tech space dampened investor sentiment. The BSE Sensex fell 380.81 points, or 0.45%, to trade at 83,852.83, while the Nifty 50 declined 118.10 points, or 0.46%, to 25,835.75. Indian IT companies witnessed heavy selling pressure, tracking losses in their Wall Street counterparts after robust U.S. employment data further reduced the likelihood of a near-term Federal Reserve rate cut. In addition, concerns over the long-term impact of artificial intelligence on traditional IT business models weighed on investor confidence. The sustained selloff dragged the Nifty IT index down more than 4% to 33,588.80 , making it the worst-performing sectoral index in early trade. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.