Nifty Index Falls Below 23,650 Amid IT Sector Decline
Nifty below 23,650; IT shares decline
Business Standard
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The Nifty 50 index has dropped below the 23,650 mark, falling by 191.65 points (0.80%) to 23,624.80. This decline is attributed to rising crude oil prices, foreign fund outflows, and concerns over the US-Iran ceasefire, with IT shares experiencing significant losses for the second consecutive session.
- 01Nifty 50 index fell to 23,624.80, down 0.80%.
- 02IT sector suffered a 3.30% decline.
- 03Foreign fund outflows and rising crude oil prices impacted market sentiment.
- 04G R Infraprojects reported a 48.75% drop in net profit.
- 05Fractal Analytics saw an 115% increase in net profit.
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In morning trading, the Nifty 50 index fell below the 23,650 mark, closing at 23,624.80, down 191.65 points (0.80%). The S&P BSE Sensex also dropped 713.83 points (0.94%) to 75,301.45. The decline is attributed to rising crude oil prices, sustained foreign fund outflows, and renewed concerns regarding the fragile US-Iran ceasefire. The IT sector was notably affected, with the Nifty IT index declining 3.30% to 28,362.80, marking a total drop of 2.76% over two sessions. Major IT companies such as Persistent Systems, Tata Consultancy Services, and Infosys saw significant losses. In individual stock performance, G R Infraprojects experienced a 4.09% drop after reporting a 48.75% decline in net profit for Q4 FY26. Conversely, Fractal Analytics reported an impressive 115% increase in net profit, boosting its stock by 3.55%.
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The decline in the Nifty index and the IT sector may affect investor confidence and could lead to a decrease in investments in these areas.
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