Sensex Crashes 1416 points, Nifty Below 15,850; IT Stocks hard hit

Indian share marekts on Thursday extended their fall for the second consecutive  session as fears over slower economic growth due to rising inflation dented investor sentiment. The domestic indices crashed, mirroring a weak trend in Asian stocks after an overnight decline in Wall Street, the worst since mid-2020.

The focus remained on how central banks will respond in order to recover control of inflation, which has reached 40-year highs in certain nations, while avoiding harsh recessions. 

The 30-stock BSE Sensex down 1,416 points, or 2.61 percent, to 52,792, while the broader NSE Nifty fell 431 points, or 2.65 percent, to 15,809.  Mid- and small-cap stocks finished down, with the Nifty Midcap 100 falling 2.99 percent and the small-cap index falling 2.68 percent.

The NSE's 15 sector indicators all finished in the red. The Nifty IT and Nifty Metal sub-indices both underperformed the index, sliding 5.74 percent and 4.08 percent, respectively.  The top Nifty loser was HCL Tech, which fell 5.80 percent to Rs. 1,011.40. Among the laggards were Wipro, Infosys, TCS, and Tech Mahindra.

Wipro, HCL Tech, Infosys, TCS, Tech Mahindra, Tata Steel, IndusInd Bank, Kotak Mahindra Bank, M&M, Bajaj Finserv, Bharti Airtel, Titan, ICICI Bank, and Reliance Industries were among the worst performers on the 30-share BSE index.

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