Indian Markets End Lower as IT Sector Drags
Indian benchmark indices closed sharply lower on September 09, with the Nifty 50 settling at 23,555.85, down 79.25 points or 0.50%. The broader Sensex fell 394.80 points to close at 75,182.78, extending the recent selloff as weak sectoral performance weighed on sentiment.
The session saw broad-based weakness across key sectors, with the IT index bearing the brunt of the selloff. The Nifty IT index plunged 946.25 points or 3.27% to close at 28,937.20, marking the steepest decline among major sectoral indices. Banking stocks also came under pressure, with the Nifty Bank index shedding 117.70 points to end at 56,659.85.
| Index | Close | Change | Change % |
|---|---|---|---|
| Nifty 50 | 23,555.85 | -79.25 | -0.50% |
| BSE Sensex | 75,182.78 | -394.80 | -0.52% |
| Nifty Bank | 56,659.85 | -117.70 | -0.21% |
| Nifty IT | 28,937.20 | -946.25 | -3.27% |
The Nifty 50 has now declined 3.68% over the past month and is down 5.26% on a year-to-date basis, reflecting sustained pressure on Indian equities. Market participants pointed to weak global cues and sector-specific headwinds as key factors behind the extended losses.
GIFT NIFTY Tracks Cash Market Lower
GIFT NIFTY mirrored the weakness in the domestic cash market, closing at 23,495.0, down 143.0 points or 0.6% from the previous close of 23,638.0. The derivatives index opened at 23,659.5 and hit an intraday high of 23,684.5 before sliding to a session low of 23,495.0 by the close.
| GIFT NIFTY | Open | High | Low | LTP | Change |
|---|---|---|---|---|---|
| Session | 23,659.5 | 23,684.5 | 23,495.0 | 23,495.0 | -143.0 (-0.6%) |
The session saw heightened volatility, with GIFT NIFTY swinging nearly 190 points from peak to trough. After a brief attempt at recovery during mid-session, sustained selling pressure into the afternoon and final hour dragged the index to close near session lows, tracking the sharp late-session selloff in the cash market.
GIFT NIFTY now heads into the evening session at 23,495, lagging the Nifty 50 by approximately 60 points, signaling cautious sentiment ahead of Wednesday's trade.