Sensex, Nifty tumble after IT, financial stocks weigh
India Today
NSE Nifty 50 index dropped 1.24 per cent to 17,560.2 and the S&P BSE Sensex slid 1.29 per cent to 58,788.02.
Indian shares fell more than 1 per cent on Thursday, snapping three sessions of gains, as losses in financial and information technology stocks eclipsed gains in automakers.
The blue-chip NSE Nifty 50 index dropped 1.24 per cent to 17,560.2 and the S&P BSE Sensex slid 1.29 per cent to 58,788.02.
Both the indexes added 4 per cent in the past three sessions, with a rally sparked by the country's high-spending federal budget accounting for most of those gains.
Sentiment was also weaker globally on Thursday after a disappointing forecast from Facebook owner Meta Platforms sent its stock 20 per cent lower and sparked a 2 per cent drop in Nasdaq futures.
In Mumbai, the Nifty IT index slid 2.1 per cent after gaining nearly 7 per cent over the last four sessions, with IT giant Infosys falling 2.7 per cent.
The Nifty Financial Services index fell 1.4 per cent as top mortgage lender Housing Development Finance Corp dropped 3.3 per cent in its worst day since late November.
Mahindra And Mahindra Financial Services tumbled 5.3 per cent, its biggest fall since mid-November, as analysts flagged concerns about its asset quality.
