The Indian stock market struggled to find direction on Wednesday, closing the day on a flat note amid persistent selling pressure in technology stocks. By the end of the session, the Sensex settled at 74,029.76, down 0.10%, while the Nifty closed at 22,470.50, slipping 0.12%.
The midcap and smallcap indices slipped 0.5%, while some sectors managed to stay in the green. Auto, banking, and pharma stocks gained 0.5% each. However, the pressure came from metal, IT, realty, telecom, PSU banks, and media stocks, which fell between 0.5% and 3%.
IT Stocks: Nifty IT hits 8 month low
The technology sector saw another day of sharp declines, with the Nifty IT index tumbling nearly 4% intraday, hitting an eight-month low of 35,988 points. The index has now plunged 6% in just four sessions. However, by the end of the day, some recovery was seen, limiting losses to around 2% at closing.
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Despite the weakness in IT, banking and auto stocks helped cushion the fall. IndusInd Bank, Tata Motors, Kotak Bank, Bajaj Finance, and HDFC Bank were among the top gainers.
On the flip side, major IT stocks continued to struggle. Infosys, Wipro, Tech Mahindra, Nestlé India, and TCS led the list of top losers, dragging the broader indices lower.
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