Early Gains Wiped Out as IT Drags Market Lower

The market has reversed sharply from this morning's positive open, with the Sensex now down about 161.58 points (0.22%) to 74,697.41 and the Nifty slipping 43.35 points (0.19%) to 23,370.95, as of 10:51 AM. What started as a Coal India-led rally has completely unwound as IT stocks intensified their sell-off and crude oil resumed climbing. IT is now dragging the entire market down. HCL Tech, Tech Mahindra, and Infosys are the top losers on the Nifty50, a sharp reversal from the broader positivity seen at the open, and the sector responsible for erasing the market's early gains. Oil prices turning higher again is the key trigger. Crude had been easing through the morning, providing support, but it's now resumed gaining, reversing the tailwind that helped the market open in the green.

remains a bright spot despite the broader reversal. It's still up nearly 3%, touching a day's high of ₹426.85, helped by Morgan Stanley initiating coverage with an "Overweight" rating, one of the few pockets of real strength today. A few stock-specific stories are also standing out. Hindustan Copper jumped over 3.5% on a ₹7,000 crore investment plan, RHI Magnesita surged 8% on a large block deal, while Augmont Enterprises fell nearly 7% after weak Q1 results. Broader markets are holding up slightly better than the headline indices. Nifty Midcap is still up 0.11%, though Smallcap has turned negative, down 0.14%, a sign the damage is concentrated in large caps rather than spreading everywhere.