Share Market Slumps: Sensex Tumbles 850, Nifty Down 260 Points
Markets in Red: Sensex Falls 850 Points, Nifty Drops 260: By around 9:45 am, the Sensex was down 844.58 points (1.01%) at 82,830.34, while the Nifty fell 260.80 points (1.01%) to 25,546.40. Weak global cues and continued selling in IT stocks hurt investor sentiment. Broader markets were also under pressure, with the Nifty Midcap index down 1% and the Nifty Smallcap index slipping 1.3%.
The biggest impact came from IT stocks. The Nifty IT index dropped 5%, with Infosys falling 5.6%. Shares of TCS, HCL Tech, LTIMindtree, Coforge, and Wipro also declined sharply.
Asian markets were mostly lower after losses on Wall Street. Japan’s Nikkei and Topix fell 0.58% each. South Korea’s Kospi rose 0.35%, but the Kosdaq dropped 1.36%. Hong Kong’s Hang Seng futures were also down.
In the US, markets have fallen for three straight sessions due to tech stock selling. However, US futures were mostly flat, with slight gains in S&P 500 and Nasdaq 100 futures, while Dow futures were unchanged.
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