The Indian stock market concluded Samvat 2080 on a lackluster note, with the benchmark indices experiencing a decline of 0.5% due to significant losses in IT stocks. The Sensex dropped 345 points to 61,271, while the Nifty50 index fell 91 points to 18,245.
The market’s downward trajectory was primarily driven by the IT sector, with stocks such as Infosys, TCS, and Wipro experiencing substantial losses. The Nifty IT index declined 1.5%, emerging as the worst-performing sector of the day.
Other key sectors, including metals, pharma, and realty, also faced selling pressure, contributing to the market’s overall decline. However, some buying was observed in banking and financial stocks, which helped cushion the fall.
Market analysts attributed the decline to profit-taking ahead of the Diwali festivities and the upcoming Muhurat trading session. They also cited concerns over the global economic outlook and the impact of the US Federal Reserve’s monetary policy decisions.
Despite the day’s losses, the market has demonstrated resilience in Samvat 2080, with the Sensex and Nifty posting gains of around 17% and 15%, respectively, since the beginning of the year.
Investors now await the Muhurat trading session, a one-hour trading window considered auspicious for investing, which will take place on October 24. Market participants are hopeful that the session will set a positive tone for Samvat 2081.
