Sensex falls 757 points, Nifty below 24,400 amid IT selloff
HCL Technologies weak outlook triggers ₹92,000 crore IT sector erosion
Profit booking, oil near $100 and global uncertainty pressure markets
Indian equity benchmark indices ended sharply lower on Wednesday, dragged by a steep selloff in IT stocks after weak guidance from HCL Tech triggered sector-wide pressure.
The BSE Sensex declined 756.84 points or 0.95% to close at 78,516.49, while the NSE Nifty50 fell 198.50 points or 0.81% to settle at 24,378.10.
1 April 2026
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IT Rout Weighs Heavily on Indices
The decline was led by heavy selling in IT stocks, with the Nifty IT index plunging nearly 4%. Shares of major IT companies such as Tata Consultancy Services, Wipro, Infosys and Tech Mahindra came under pressure, falling up to 11% after HCL Tech reported weaker-than-expected quarterly results and cautious guidance.
HCL Tech recorded the sharpest decline of around 11%, while Tech Mahindra, Coforge, Persistent Systems and Infosys dropped up to 6%. TCS and Wipro also slipped up to 2%.
The selloff wiped out nearly ₹92,000 crore from the Nifty IT index's market capitalisation in a single session, highlighting the sector's sensitivity to earnings visibility and global demand trends.
Profit Booking, Global Uncertainty Add Pressure
Vinod Nair, Head of Research at Geojit Investments, said markets remained cautious amid global uncertainties. He noted that despite a ceasefire extension, risk sentiment stayed weak due to uncertainty around US–Iran talks and ongoing shipping disruptions.
He added that the rebound in crude prices towards $100 per barrel, along with geopolitical concerns, triggered profit booking after the recent rally of around 10% from lows.
Sectorally, private banks also came under mild pressure, with the index declining 0.7%. However, oil & gas, FMCG, media, metal and realty indices managed to post gains of around 0.5% each, indicating selective buying.
Among Nifty stocks, HCL Technologies, Tech Mahindra, Infosys, TCS and Mahindra & Mahindra were among the biggest losers, while Tata Consumer Products, Hindustan Unilever, Tata Motors Passenger Vehicles, NTPC and Hindalco Industries were among the key gainers.
Despite weakness in frontline indices, broader markets showed resilience. The Nifty Midcap index rose 0.2%, while the Smallcap index gained over 1%, reflecting continued investor interest in mid- and small-cap stocks.
In the currency market, the Indian rupee depreciated by 30 paise to settle at ₹93.79 against the dollar, compared to the previous close of ₹93.49, as global uncertainty and rising crude prices weighed on sentiment.
