Stock market panic on the last day of the week, big fall in Sensex and Nifty; Impact of cancellation of Iran-US talks visible

Share Market Highlights: The Indian stock market closed in the red in Friday’s trading session. At the end of the day, Sensex was at 76,802.90, down 607.08 points or 0.78 per cent and Nifty was at 24,013.10, down 154.90 points or 0.64 per cent. The market decline was led by IT stocks. Due to this, Nifty IT was the top loser among the indices with a fall of 3.65 percent. After this, Nifty Oil & Gas, Nifty Realty, Nifty Services, Nifty PSU Bank, Nifty Auto, Nifty Financial Services, Nifty Private Bank, Nifty Consumer Durables and Nifty Commodities also closed in the red.

On the other hand, Nifty Healthcare, Nifty Pharma, Nifty India Defence, Nifty Energy, Nifty Infra, Nifty Media, Nifty Metal and Nifty Consumption closed in the green. Compared to largecaps, midcaps and smallcaps witnessed a rise. The Nifty Midcap 100 index was at 62,517.30, up 138.05 points or 0.22 per cent and the Nifty Smallcap 100 index was at 18,784.45, up 78.85 points or 0.42 per cent.

Today’s Top Gainers and Losers

Eternal in Sensex pack, Bharti AirtelPower Grid, NTPC, Titan, ITC, Sun Pharma, Trent, Bajaj Finserv, L&T, ICICI Bank, Bajaj Finance and Indigo were the gainers. Infosys, TCS, HCL Tech, Tech Mahindra, HDFC Bank, M&M, HUL, Tata Steel, Kotak Mahindra Bank, Asian Paints, SBI, Maruti Suzuki, UltraTech Cement and BEL were the losers.

Eye on America-Iran peace talks

Experts said that profit booking was seen in the stock market after the recent rally, because America and iran Investors’ enthusiasm diminished due to the sudden cancellation of peace talks between. There was a sharp fall in the IT index today, due to the weak outlook of Accenture, which has increased the concerns about digital spending. He further said that for now, investors are being cautious and waiting for more clarity on the peace agreement and keeping an eye on the slow progress of the south-west monsoon.

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IT sectors hit by decline

The impact of weak guidance from global IT giant Accenture was also seen on Indian IT companies. Investors booked huge profits in the sector, due to which there was more pressure on the Nifty IT index. Infosys shares were among the biggest losers, falling 7.7%. TCS fell 4.5%, while Tech Mahindra slipped 4% and HCL Tech slipped 3.7%. The market is worried that the slowdown in global IT spending and uncertainty over demand may impact the growth of Indian IT companies.