Sensex Slides Below 77,000 From Day’s High as IT Giants Drag
The Indian stock market abruptly reversed morning gains on Wednesday as the BSE Sensex tumbled over 580 points from its intraday peak of 77,396 to slip below 76,810, weighed down by a 2.14% plunge in tech heavyweights TCS, Infosys, and HCL Tech alongside sharp global market declines.
Dalal Street witnessed a sharp intraday reversal during Wednesday’s trading session as initial buying momentum evaporated, forcing benchmark equity indices to erase morning gains and slip into negative territory. The 30-share BSE Sensex, which had rallied as much as 422 points in early morning trade to touch a session peak of 77,396, succumbed to intense selling pressure across frontline technology counters, sliding over 580 points from the day’s high to touch 76,807, down 110 points. Simultaneously, the broader NSE Nifty 50 retreated from its high of 23,849 to trade around the 23,790 mark, down 20 points, threatening to halt the domestic market's four-day winning streak as nervous traders reacted to sudden sector rotations and weak international cues.
IT Index Plunges Over 2%: Tech Giants Bleed as ITC Defies Sell-Off Post Q2 Results
The primary catalyst behind the midday market retreat was widespread profit booking in the information technology space, with the Nifty IT index tumbling 2.14 percent. Heavyweight technology bellwethers—including Tata Consultancy Services (TCS), Infosys, HCL Tech, and Eternal—dragged the headline gauge lower, recording losses between 1.5 percent and 2.62 percent. Private banking counters also turned negative in afternoon trade, adding downward momentum to the benchmarks. In contrast to the broader tech weakness, FMCG major ITC emerged as a standout gainer, surging over 3 percent to register an intraday high of ₹276.15 on the National Stock Exchange following the release of its September quarter corporate results. Other early pocket performers that provided temporary downside support included HDFC Bank, Bharat Electronics Limited (BEL), and Adani Ports, all posting gains close to 2 percent before broader index fatigue set in.
Global Market Turmoil: Asian Equities Slump and US Midterm Volatility Cloud Sentiment
The domestic market's sudden trend change coincided with steep risk-off sentiment sweeping across international trading floors. Asian equity benchmarks suffered severe downturns, led by South Korea’s Kospi crashing 3.64 percent and Japan’s Nikkei 225 tumbling 3.56 percent to 60,835 points. Sentiment was further dampened by lingering political and economic uncertainty surrounding the 2026 United States midterm elections, which left Wall Street futures fluctuating after an uneven Tuesday close where the Dow Jones dipped 197 points while the Nasdaq Composite gained 0.83 percent. Meanwhile, energy commodity markets reflected mixed dynamics, with international benchmark Brent crude sliding to $103.60 per barrel and US West Texas Intermediate (WTI) advancing slightly to $96.54 per barrel, leaving institutional market participants cautious amid evolving macroeconomic realignments.
