Sensex Slips 216 points, Nifty Hovers Near 24,000 Mark As Global Tech Selloff Weighs on IT Stocks

Indian equity markets ended lower on Tuesday as domestic benchmarks mirrored weakness across Asian peers following an overnight selloff in US technology stocks.

The downturn in global tech sentiment weighed heavily on Indian IT counters, pulling benchmark indices into negative territory during early trade.

The Sensex fell by as much as 216 points during the session, while the Nifty 50 index slipped to an intraday low of 24,040.

Index-heavy stocks such as Infosys, HDFC Bank, Tata Consultancy Services (TCS), Tata Steel, HCL Technologies, Hindustan Unilever, and Tech Mahindra contributed significantly to the decline.

However, the downside was partially offset by buying interest in ICICI Bank, Sun Pharma, Larsen & Toubro, and Trent.

By 9:26 am, the Sensex was down 68 points at 77,033, while the Nifty 50 was lower by 15 points at 24,088, indicating a relatively contained decline compared to early weakness.

Asian markets also reflected similar pressure, with most regional indices trading lower. Japan’s Nikkei fell 1%, South Korea’s Kospi dropped sharply by 4%, and Hong Kong’s Hang Seng declined 0.9%.

China’s Shanghai Composite, however, remained marginally positive, rising 0.04%.

In the United States, markets had closed lower overnight. The Dow Jones Industrial Average gained 0.3%, but the S&P 500 fell 0.4% and the Nasdaq, heavily weighted with technology stocks, declined 1.32%, highlighting continued pressure in the tech sector.

Back in India, sectoral performance was mixed. Out of 15 sectoral indices, 10 traded in positive territory. The Nifty Pharma index led gains with a rise of 1.9%, followed by healthcare, realty, and media indices.

On the other hand, the Nifty IT index was the worst performer, falling 1.6%, while metals, banking, PSU banks, and consumer durables also ended lower.

In the Nifty 50 basket, Dr Reddy’s Laboratories emerged as the top gainer, rising 2.56% to ₹1,324. Sun Pharma, Cipla, ICICI Bank, Trent, and Hindustan Unilever also recorded gains.

On the losing side, Infosys, TCS, HCL Technologies, Tech Mahindra, Wipro, Tata Steel, Tata Motors PV, and JSW Steel were among the biggest laggards.

Despite the decline, broader markets showed resilience. The NIFTY Midcap 100 rose 0.17%, while the NIFTY Smallcap 100 gained 0.3%. Market breadth remained positive, with 1,619 advancing stocks against 1,210 declines on the NSE.