Stock Market Update: Sensex Drops 139 Points, Nifty Closes Below 24,450 as IT Shares Shine

Stock Market: In today’s volatile trading session, the Indian stock market closed with minor losses as Sensex shed 139 points, while Nifty settled below the crucial 24,450 mark. The market faced selling pressure in the latter half of the session, failing to hold onto gains despite a strong performance by IT shares like Tech Mahindra, TCS, and HCLTech, which surged due to solid Q2 results.

The Nifty 50 ended the day at 24,472, down 36 points, while Sensex closed 139 points lower at 80,220. Bajaj Finance was among the top gainers, jumping nearly 5% following its Q2 results, while Persistent Systems and Coforge saw gains of up to 11% after delivering robust earnings.

On the downside, TVS Motor witnessed a sharp decline, dropping 7% after reporting weaker-than-expected quarterly numbers, and BHEL lost more than 4% following a block deal. Despite the volatility, mid-cap and small-cap stocks saw some bargain hunting, although market experts remain cautious about the sustainability of this momentum-driven buying.

Investors remain on edge due to mixed global cues. Weakness in US stocks and rising bond yields are weighing on market sentiment, with foreign institutional investors (FIIs) continuing to offload Indian equities. FIIs have now sold stocks for 17 consecutive sessions, while domestic institutional investors have been net buyers for the last 21 sessions.

Technically, Nifty is trading in a weak zone, and analysts warn that a dip below 24,350 could trigger a further decline toward the 24,000 mark. However, a close above 24,650-24,700 could spark an upside bounce in the near term.

In the broader market, Zomato surged over 9% following its strong Q2 earnings, while Firstsource Solutions hit a 52-week high after posting a 10% rise. With IT stocks leading the way and financial results driving market sentiment, all eyes are now on how global factors and FII activity will shape the market in the coming sessions.

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