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Market Close: Sensex Slips 183 Points, Nifty Ends 127 Points Lower; IT Stocks Drag
The Sensex settles at 77,472.94, lower by 183.15 points or 0.24%, while the NSE Nifty closes at 24,207.75, down 126.80 points or 0.52%.
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Stock Market Today, August 26: The domestic equity market ended lower on Wednesday, August 26, as selling pressure in IT, auto, FMCG and select heavyweight stocks pulled the market down despite gains in banking, metal and cement shares.
The Sensex settled at 77,472.94, lower by 183.15 points or 0.24%, while the NSE Nifty closed at 24,207.75, down 126.80 points or 0.52%.
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The Nifty opened at 24,341.95 and climbed to an intraday high of 24,378.60 before losing ground through the session. It eventually closed at its day’s low of 24,207.75, marking a fall of more than 170 points from the day’s high.
IT stocks lead the decline
IT stocks were among the biggest drags on the benchmark. The Nifty IT index fell 1.47%, with Infosys, Tech Mahindra and HCLTech among the notable losers. Infosys fell 1.94%, while HCLTech declined 0.91% and Tech Mahindra dropped 1.38%. TCS also slipped 0.87%.
Other weak sectors included FMCG, down 0.96%, consumer durables, down 0.92%, realty, down 0.80%, and auto, down 0.74%.
Metals, cement and banks buck the trend
The decline was cushioned by buying in several sectors. The Nifty Cement index jumped 1.69%, while the Nifty Metal index gained 1.26% and the Chemicals index rose 1.23%. Banking stocks also provided support. The Nifty Private Bank index gained 1.04%, while the PSU Bank index rose 0.77%. The broader Nifty Financial Services index advanced 0.53%.
Among individual stocks, Kotak Mahindra Bank was the top Nifty 50 gainer, rising 3.53%. UltraTech Cement gained 1.87%, Axis Bank rose 1.33% and Tata Steel advanced 1.10%.
On the other hand, Infosys was the biggest Nifty 50 loser, falling 1.94%, followed by Bharti Airtel, which declined 1.91%. Larsen & Toubro fell 1.76%, while Power Grid and Tech Mahindra lost 1.48% and 1.38%, respectively.
Broader market mixed
The broader market showed better resilience than the headline indices. The Nifty Smallcap 100 rose 0.84%, while the Nifty Midcap 100 was largely flat, slipping 0.10%.
India VIX falls 4.9%
The India VIX fell 4.89% to 10.53, suggesting that volatility remained relatively subdued despite the weakness in the benchmark indices.
Vinod Nair, head of research at Geojit Investments Ltd, said, “The domestic market ended marginally lower, giving up early gains as sectoral divergence weighed on benchmarks through the session. Inflation concerns receded on tempered US sanctions on Iran, easing domestic bond yields and lifting banking stocks, while metals gained on better realisation prospects.”
He, however, added that these gains were largely offset by weakness in IT stocks after the US paused visa appointments amid an immigration crackdown which rekindled margin pressure concerns. Investors now await the US Core PCE print for greater clarity on the rate trajectory. A contained core reading would indicate that the recent energy-led inflation spike is transitory, easing rate concerns and supporting flows into emerging markets.
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Ask News18Selling pressure in IT stocks, along with profit-taking at higher levels, caused the IT sector to drag down the market.
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Original source: https://www.news18.com/business/markets/
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