Nifty Fell for the Third Straight day; IT Index Plunges Over 5%

Indian equities extended their slide for a third consecutive session, with the Nifty 50 closing sharply lower amid broad-based selling pressure led by IT stocks. The index opened with a 73-point gap-down, tracking weak global cues and rising crude oil prices, and remained under pressure for most of the day. A modest rebound in the final hour helped the Nifty recover nearly 100 points from the day’s low, but the benchmark still settled 275 points lower at 23,897, logging a weekly loss of 1.9%.

IT stocks bore the brunt of the selloff, with the Nifty IT index plunging over 5% following disappointing earnings and cautious outlooks from heavyweights such as Infosys. Selling was widespread, with all sectoral indices ending in the red, while midcap and smallcap indices also saw profit-taking.

Market sentiment remained fragile as the rupee weakened for a fifth straight day. Technically, Nifty’s short-term trend has turned weak below its 20-day EMA, with downside support near 23,790 and 23,550.

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