Tech rout wipes ₹3 lakh crore; Sensex, Nifty down nearly 1%
The equity benchmarks closed lower this week, with Sensex and Nifty down nearly 1% due to an 8% drop in the IT index, wiping out ₹3 lakh crore in market capitalisation. Major IT stocks like Infosys and TCS were among the top losers.
after close1 source ↓written by the desknot a recommendation
- plummeted
- 8%
- in market capitalisation
- ₹3 lakh crore
- each
- 4%
The equity benchmarks closed lower this week, with Sensex and Nifty falling nearly 1% amid a significant sell-off in IT stocks. The IT index plummeted 8%, erasing nearly ₹3 lakh crore in market capitalisation.
- Five of the top six Nifty losers were IT firms, including Infosys and TCS.
- Conversely, defence and PSU banks gained nearly 4% each, indicating sector rotation.
This correction may lead to cautious sentiment among investors in the tech sector.
Not investment advice. For informational purposes only.