Sensex tanks 450 points, Nifty slips below 17,000 mark
Business
Markets were on a rollercoaster this Tuesday: Sensex slid about 450 points from its morning high, and Nifty lost its early momentum.
The main reasons? Investors cashed in profits from IT stocks, and foreign investors kept pulling money out.
Nifty IT index down over 2%
Big names like Coforge and Infosys fell over 2% and 1.7%. The weekly expiry of Nifty derivatives contracts added to the volatility.
Even with all this, by early afternoon both Sensex and Nifty had clawed back some gains, but the IT sector was still feeling the pressure.
Foreign institutional investors have been net sellers so far in March, offloading about ₹6,345.6 crore on Monday.