ET Market Watch: Sensex falls 375 points; IT, banks drag nifty below 25,120
Hi, you're listening to ET Markets Radio, I am your host Neha V Mahajan. Welcome to a fresh episode of ET Market Watch -- where we bring you the latest news from the world of stock markets every single day. Let's get to it:
India's markets took a breather today.
Sensex dropped 375 points
Nifty slipped below 25,120
Drag? IT and banking stocks. Why? A mix of weak earnings and macro worries.
Tech Mahindra fell nearly 3% after a disappointing Q1 revenue print.
Infosys, TCS, HCL Tech—also under pressure.
On the banking side, Axis Bank slipped ahead of its earnings.
Financials & Banks were broadly down by 0.4–0.6%.
Meanwhile, global cues were mixed:
European markets rallied
US futures remained cautious after Trump said he might consider firing the Fed Chair, though he called it 'unlikely.'
Vinod Nair of Geojit says:
'Markets are facing FII outflows, elevated large-cap valuations, and caution ahead of the US-India trade outcome. But domestic macro fundamentals remain strong.'
On the charts:
Nifty failed to break resistance at 25,260.
Short-term support? Look for 24,900 levels, says Rupak De from LKP Securities.
Winners of the day
HDFC AMC jumped nearly 3% post a 24% YoY profit surge
Sona BLW soared 6.8% on news it may supply EV parts to China's BYD
Rupee Alert
The rupee hit a 3-week low at 86.07 per dollar, pressured by a strong USD.
Oil Prices
Up slightly, Brent at $68.67, as trade tensions ease and Middle East risk rises.
Caution is back. Geopolitics, earnings misses, and technical resistance are holding the markets in check. Stay stock selective and watch for policy headlines.
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