Stock Market Today: Nifty Ends Below 24,700, Sensex Slumps Over 500 Points In Third Consecutive Day Of Decline

• Nifty IT recovered 1% from the day low, after falling 1.6% for the day.

• Wipro and TCS fell the most in the Nifty IT.

• TCS fell nearly 2% for the day, after it cut 12,000 jobs amid demand slump.

• Nifty IT extended losses for the 3rd consecutive day.

• LTIMindtree, HCL Tech, TCS and Wipro fell more than 1% in Nifty IT

• Benchmarks outperformed Broader Market Indices.

• Nifty extends its decline for the 3rd consecutive day.

• Kotak Mahindra Bank, Bajaj Finance and Wipro fell the most in Nifty.

• Nifty Midcap 150 decline for the 3rd consecutive day.

• SBI Cards, Godrej Properties and Suzlon Energy fell the most in Nifty Midcap 150.

• All sectoral indices ended in red barring Nifty FMCG and Pharma.

• Nifty Realty emerges as Top losing sector for the day, drags by Godrej Properties and DLF.

• Nifty Pharma gains for the 4th consecutive day.

• Nifty FMCG snaps 6-day losing streak.

• Nifty oil and Gas, Nifty Bank fell for the 3rd consecutive day.

• Nifty Auto, Metal, PSU Bank fell for the 2nd consecutive day.

• Nifty Financial services fell for the 3rd consecutive day.

• Nifty Media and Realty fell for the 5th consecutive day.

• Rupee closed 16 paise weaker at 86.67 against US Dollar

• It closed at 86.51 a dollar on Friday

Source: Cogencis

Indian information technology (IT) players including Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro, among several others, have fast begun to adopt the advent of artificial intelligence (AI) into their operational and business models. However, AI, with its many advantages, has thrown a few curveballs which has challenged the domestic landscape. The word on the Street —layoffs and cost-cutting.

Cantor Fitzgerald, a US-based brokerage has initiated coverage on Adani Ports and Special Economic Zone with an 'Overweight' rating, setting a target price of Rs 1,780 per share. This target implies a 28% upside. The brokerage highlights the company's positioning to capitalize on India's underdeveloped trade infrastructure, its solid financial track record, and expansion plans across ports, logistics, and marine services as key drivers for this positive initiation.

The Rights Issue Committee of UPL Ltd. has approved the final call on the rights issue. The issue price has been set at Rs 180 per share.