Mkts sink as tariff jitters roil IT stocks

Mumbai: Equity benchmark indices Sensex and Nifty tumbled more than 1 per cent on Tuesday, dragged down by heavy losses in IT stocks amid concerns over artificial intelligence-led disruption and renewed trade-related uncertainties. Rising global crude prices amid escalating US-Iran tensions and sluggish global cues also hit investor sentiment, traders said. Snapping its two-session rally, the 30-share BSE Sensex plummeted 1,068.74 points, or 1.28 per cent, to settle at 82,225.92. During the day, the benchmark plunged 1,359.93 points, or 1.63 per cent, to hit an intraday low of 81,934.73. A total of 2,802 stocks declined, while 1,422 advanced and 143 remained unchanged on the BSE.

The 50-share NSE Nifty fell 288.35 points, or 1.12 per cent, to close at 25,424.65. In the intraday session, it depreciated by 385.4 points, or 1.49 per cent, to hit a low of 25,327.60. As many as 32 of its components ended in the red while 18 settled in the green territory. “Investor sentiment weakened amid renewed concerns over global trade developments and rising geopolitical tensions, which kept crude oil prices elevated. Moreover, continued pressure on global technology stocks and fears of AI-led disruption further dragged domestic IT shares, amplifying the decline in the benchmark indices,” Ajit Mishra SVP, Research, Religare Broking Ltd, said. Tech Mahindra emerged as the biggest laggard, declining by 6.6 per cent, followed by HCL Technologies, Eternal, Infosys, Tata Consultancy Services, Larsen & Toubro, Trent, Bharti Airtel, HDFC Bank, Bharat Electronics Ltd and ICICI Bank. On the other hand, NTPC, Hindustan Unilever, Tata Steel, PowerGrid, Titan, Reliance Industries, Axis Bank, and Sun Pharmaceuticals were among the gainers. “Domestic markets registered a sharp decline, led by significant weakness in IT stocks amid renewed global concerns over AI-driven disruption and margin pressures for traditional service providers.