Nifty IT Index Extends Losses As Nifty 50 Slips

Indian equities opened on a subdued note as the Nifty IT index led declines, while the benchmark Nifty 50 also traded lower. Weakness in global technology stocks and profit booking in IT heavyweights weighed on sentiment, though select sectors offered resilience.

Key Highlights

• Nifty IT index dropped 1.89% to 37,595.15, down 725 points from the previous close.
• Nifty 50 slipped 0.23% to 26,266.35, losing 62 points from the prior session.
• IT heavyweights such as Infosys, TCS, and Wipro faced selling pressure amid global tech weakness.
• Banking and auto stocks showed relative strength, cushioning broader market losses.
• Market breadth remained mixed, with declines outnumbering advances across NSE-listed companies.
• Investors are closely watching Q3 earnings season and macroeconomic cues for near-term direction.

Broader Context
The decline in Nifty IT highlights sector-specific challenges, including global demand concerns and margin pressures. While the benchmark Nifty 50 remains near record highs, volatility is expected as earnings unfold. Analysts suggest support near 26,100 and resistance around 26,350 for the Nifty 50 in the short term.

Sources: Reuters India, Economic Times, 5paisa