Sensex crashes 1,200 points, Nifty falls below 24,000; IT stocks tumble

At the closing bell, the S&P BSE Sensex ended 1190.34 points lower at 79,043.74, while the NSE Nifty50 fell 360.75 to settle below 24,000.

In Short

• Sensex and Nifty slump amid US inflation concerns
• IT, auto, pharma sectors drag markets lower on global fears
• Nifty closes below 24,000; technical level at 23,800 crucial

It was a bad day for traders on Dalal Street as benchmark indices nosedived during the session after gaining in the previous session. Today’s trading session was marked by high volatility due to several global factors, especially concerns over US inflation and the rate-cut trajectory.

At the closing bell, the S&P BSE Sensex ended 1190.34 points lower at 79,043.74, while the NSE Nifty50 fell 360.75 to settle below 24,000.

Most of the broader market indices also fell sharply during the trading session as volatility soared, reflected by the nervousness among investors on Dalal Street.

Information technology stocks were the worst hit, with the Nifty IT index down xx% at the closing bell. Auto and pharma sector stocks also took a hit during the trading session.

The top five gainers on the Nifty50 were Adani Enterprises, Shriram Finance, SBI, Cipla and ITC. On the other hand, the top losers were SBI Life, M&M, Infosys, Bajaj Finance and Adani Ports.

Vinod Nair, Head of Research, Geojit Financial Services, said, "Domestic markets took a breather after a strong start to the week. The overnight sell-off in the US market, driven by renewed uncertainty about the rate cut trajectory and rising geopolitical tension, led to a correction in heavyweight IT and consumer discretionary stocks."

"Conversely, the broader market outperformed the frontline index due to a shift in the stance of FIIs and investors seeking opportunities in undervalued stocks," he added.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “Market tanked sharply on high geopolitical developments escalating news on the Russia-Ukraine war again.”

“It's an F&O expiry day, and such headlines bring a lot of volatility in the market. A technical close below 23800 would be a make-or-break level for Nifty,” he added.

“I expect markets to trade sideways with negative biased pressure. On the resistance side, 24350 acts as strong resistance; any close above this can turn the market mood.”

Meanwhile, Ajit Mishra – SVP, Research, Religare Broking Ltd highlighted that the early gains "gave way to selling pressure in heavyweights, particularly IT and banking, dragging the indices lower".

"Traders are advised to remain cautious and focus on stock-specific opportunities until a clearer trend emerges."