Benchmarks slide sharply as broad-based selling intensifies
Indian equity markets ended lower on Friday, with losses deepening through the session amid weakness across sectors.
The Sensex declined 1,048.16 points (1.25%) to close at 82,626.76, while the Nifty 50 fell 336.10 points (1.3%) to settle at 25,471.10.
Selling was widespread, with all 16 major sectoral indices ending in negative territory.
IT sector extends losses on AI-related concerns
The Nifty IT index dropped sharply, about 5% to a 10-month low, taking its two-day decline close to 10%.
Heavyweights including Infosys, TCS, Tech Mahindra and Wipro led the decline amid continued concerns around AI-driven disruption and pressure on global technology valuations.
Metals drag as Hindalco disappoints
The metal index declined 3%, led by Hindalco, which fell 6% after reporting a 45% drop in quarterly profit.
The weakness in metals contributed to the broader market decline, adding pressure alongside IT stocks.
Broader markets remain under pressure
The sell-off extended beyond frontline indices.
The Nifty Smallcap 100 index fell 2%, while the Nifty Midcap 100 declined 1.8%, indicating that weakness was not confined to large-cap stocks.
Market breadth remained negative throughout the session, reflecting a broad-based risk-off tone.
Currency and global cues
The US dollar strengthened for a third consecutive session to around 96.93, while the rupee weakened. Currency movements added to overall market caution as investors positioned ahead of key US inflation data.
Global sentiment also remained fragile. Wall Street saw weakness in technology shares, with concerns around AI-related profitability weighing on valuations. In a major corporate development, Apple lost nearly $200 billion in market value following delays related to its Siri upgrades and a warning from the US Federal Trade Commission.
Commodities update
Precious metals traded higher.
- Gold rose to ₹1,54,180 per 10 grams, up from ₹1,52,300 in the previous session – a gain of ₹1,880 (1.23%).
- Silver increased by ₹88.8 (3.74%) to ₹2,465.5, compared to ₹2,376.7.
The rise in gold and silver reflected renewed defensive positioning amid global volatility.
Market takeaway
Today’s session reflected a broad-based correction led by IT and metals, with weakness visible across sectors and market capitalisations.
While global cues and AI-related concerns weighed on sentiment, defensive assets such as gold saw renewed buying interest. The divergence between equities and precious metals highlights a cautious positioning environment as markets await further macro signals.
Other major headlines
- India approved a defence procurement worth ₹3.6 lakh crore, with the Defence Acquisition Council clearing key acquisitions including 114 Rafale multirole fighter aircraft and 288 S-400 surface-to-air missile systems, marking a significant expansion of the country’s defence capabilities.
- Indian agricultural exports to the US could see a boost, with an SBI research report indicating that around 75% of such exports now qualify for zero-tariff treatment under the recently announced India–US trade framework.
- India plans to add 50 new airports over the next five years, a step expected to support long-term growth across infrastructure, aviation, and real estate-linked segments.
Source: Financial Express, Moneycontrol, Perplexity Finance, Economic Times
Disclaimer: This market update is provided for informational purposes only and should not be considered investment advice or a recommendation to buy or sell any securities. Information is sourced from publicly available material believed to be reliable and accurate; however, market conditions may change without notice. Investments are subject to market risks. Readers are advised to consult a qualified financial advisor before making any investment decisions.
