Sensex dropped over 500 points to trade below 78,800, while Nifty 50 declined over 100 points, slipping below 24,450 mark. The benchmark indices are set to snap a three-session gaining streak, as India VIX, which measures volatility in markets, jumped more than 3% to 18.09 in the morning.
HCL Tech shares were the top losers on Sensex, crashing more than 9% after its Q4 earnings disappointed investors. Other IT stocks including Tech Mahindra, Infosys and TCS declined 2-4% as sentiment soured for IT stocks. Bucking the trend, Hindustan Unilever and NTPC shares gained around 1% to lead gains on the benchmark index.
Broader markets, however, outperformed benchmarks, with Nifty Midcap 100 and Nifty Smallcap 100 indices hovering in the green and recording marginal gains. Sectorally, Nifty IT declined more than 3% to lead losses as weak results by HCL Tech dampened sentiment. Bucking the trend, Nifty FMCG gained around 1%. Around 970 stocks declined on NSE, while 1,576 advanced and 116 remained unchanged.
MORE TO COME…