Stock Market Today: Nifty, Sensex Close At Over One-Month Low As TCS, Infosys, RIL Drag

-The local currency weakened by 13 paise to close at 83.04 against the U.S. Dollar.

- It closed at 82.91 a dollar on Monday.

Source: Bloomberg

Benchmark indices fell to their lowest level in over a month in today's session as shares of IT companies dragged.

The Nifty closed 238.25 points or 1.08% lower at 21,817.45 points, its lowest level since February 13 while the Sensex closed at its lowest level since February 14 at 72,012.05, lower by 736.38 points or 1.01%.

After violating its immediate support of 21,900, the Index is about to form an advanced harmonic pattern known as Bullish Cypher at 21,740, said Aditya Gaggar Director of Progressive Shares. "Post the pattern reversal confirmation, one can expect the target of 22,000 followed by 22,200 respectively."

Nifty Bank fell for the eighth day in a row, recording its longest losing streak since Jan 21, 2022.

Shares of Tata Consultancy Services Ltd., Infosys Ltd., Reliance Industries Ltd., ITC Ltd., and Larsen & Toubro Ltd dragged the Nifty.

Meanwhile, those of Bajaj Finance Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., ICICI Bank Ltd., and Bajaj Auto cushioned the fall.

All sectoral indices ended lower with Nifty IT losing nearly 3%.

Broader markets ended lower in line with the benchmark indices. The S&P BSE Midcap index fell 1.36%, and the S&P BSE Smallcap fell 1.04%.

On BSE, all 20 sectors ended in red with the S&P BSE IT index emerging as the top loser. The S&P BSE BANKEX index was the top performer among sectoral indices.

Market breadth was skewed in favour of sellers. Around 2,572 stocks declined, 1,244 stocks rose, and 112 stocks remained unchanged on BSE.

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