Nifty plunged to 8-month low today: Here we decode why
What's the story
India's benchmark indices continued their losing streak for the fifth straight session today. The Nifty 50 touched an eight-month low amid a sell-off in IT, realty, and telecom shares. The IT sector took a major hit with the Nifty IT index plunging nearly 3%, mainly due to falls in Infosys and TCS. At close, the Sensex plummeted 856.65 points or 1.14% to 74,454.41, while the Nifty had tanked 242.55 points or 1.06% to 22,553.35.
Market trends
Mid and small-cap indices also face downturn
The mid and small-cap indices also fell, losing 1% each. The market opened weak amid weak global cues, taking Nifty 50 near 22,500 mark. However, some recovery was witnessed during the session led by auto, pharma and FMCG stocks. Wipro, HCL Technologies, Infosys, TCS and Tata Steel were among the biggest losers on Nifty, while M&M, Eicher Motors, Dr Reddy's Labs, Hero MotoCorp and Kotak Mahindra Bank gained.
Performance
These stocks hit 52-week low
All sectoral indices ended in red barring auto, pharma, and FMCG. The IT, metal, and telecom indices were down 2%. The Nifty IT index has now fallen 11 out of the last 12 sessions. Nearly 280 stocks hit their 52-week low on BSE. They include AIA Engineering, Welspun Living, Ratnamani Metal, Fine Organics, Relaxo Footwear, Star Health, Kajaria Ceramics, Sun Pharma, Apollo Tyres, Aether Industries, and Bharat Forge.