Infosys-led selloff drags IT index over 5%, wiping ₹6 lakh crore in market cap
Sensex falls 982 points, Nifty slips below 24,000 amid broad-based profit booking
Rising crude above $100, FII outflows and global uncertainty deepen risk-off sentiment
Indian equity benchmark indices witnessed a sharp selloff on Friday, with losses deepening through the session as weak IT earnings, rising crude prices and global uncertainty weighed heavily on sentiment.
The BSE Sensex plunged 982 points or 1.27% to close at 76,681.29, while the NSE Nifty50 declined 275.10 points or 1.14% to settle at 23,897.95, slipping below the crucial 24,000 mark.
1 April 2026
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Market breadth remained firmly negative, indicating widespread selling across sectors, with most indices ending in the red.
IT Stocks Lead Sell-off
Technology stocks bore the brunt of the decline, with the Nifty IT index crashing 5.29% after disappointing earnings from Infosys.
Infosys shares dropped 6.92%, while HCLTech fell over 6%. Tech Mahindra and Tata Consultancy Services also declined around 5% each, dragging the broader market lower.
The sharp selloff wiped out nearly ₹6 lakh crore in investor wealth, with total market capitalisation of BSE-listed companies falling to around ₹460 lakh crore.
Other sectors including metals and pharma also saw notable declines, while banking and financials remained weak but relatively stable. Defensive pockets showed mild resilience amid the broader selloff.
Oil Surge, Global Jitters Intensify Risk-off Mood
Global cues remained weak, with oil prices staying elevated above $100 per barrel amid escalating tensions in the Middle East.
Crude prices surged over 17% during the week, marking the biggest weekly rise since the early phase of the conflict. Reports of disruptions in the Strait of Hormuz and continued geopolitical uncertainty kept investors on edge.
Global markets also reflected caution, with European shares opening lower and Asian indices largely subdued, even as Japan’s Nikkei touched record highs on strong tech earnings optimism.
Vinod Nair, Head of Research at Geojit Investments, said the Indian market extended its profit-booking trend due to heightened geopolitical tensions, rising crude prices and a weakening rupee. He noted that IT stocks led the decline after weak earnings, while selling pressure remained broad-based across sectors.
He added that FII outflows have resumed, and concerns over inflation and macro stability, highlighted by global rating agencies and RBI signals, have further dampened sentiment. Investors are now closely tracking earnings for potential downgrades amid ongoing uncertainty.
Technical Indicators Signal Weakness
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities, said the Nifty opened with a gap down for the second consecutive session and continued to drift lower, closing at 23,898 with a decline of 1.14%.
He highlighted that the index has slipped below its key short-term moving average of 20-day EMA, which had earlier acted as support. Momentum indicators are showing signs of fatigue, with RSI declining sharply and bearish signals emerging on ADX indicators, suggesting increasing dominance of sellers.
Shah noted that no sector ended in the green, with IT being the biggest loser, followed by media. Market breadth remained weak, with 383 stocks in the Nifty 500 universe ending in the red.
In the broader market, both midcap and smallcap indices showed signs of profit booking, breaking below recent consolidation levels. However, they continue to trade above key moving averages, indicating that the broader trend remains intact despite near-term weakness.
