Stock Market Today: Nifty, Sensex Record Worst Week In Nearly Eight Months

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• Benchmarks snaps 3-week gaining streak.

• Benchmarks underperforms Broader Market Indices for the week

• Tech Mahindra and TCS fell the most in Nifty

• Tech Mahindra fell over 9% for the week, TCS fell over 8% for the week

• Nifty Midcap 150 fell over 4% for the week, Coforge and Mphasis fell the most in Nifty Midcap 150

• Nifty SMallcap 250 fell over 4% for the week, Caplin Point and Avanti Feeds fell the most.

• Caplin Point, Avanti Feeds, Redington, Sumitomo Chemical and Balrampur Chini Mills fell over 10% for the week

• Nifty IT fell over 7% for the week; Coforge and Mphasis fell the most

• Nifty Realty, Pharma and IT fell over 5% for the week.

• All sectoral Indices fell over 1% for the week

• Nifty PSU Banks snaps 3-week gaining streak

• Nifty Oil and Gas and Pharma fell for the 5th week in a row.

• Rupee closed 5 paise weaker at 88.72 against the greenback

• It closed at 88.67 a dollar on Thursday

Source: Bloomberg

The Nifty IT index has entered a bear market, dropping more than 20% from the peak it touched on Dec. 13, 2024. Yet despite the selloff, most of the companies in the basket continue to command valuations above the sector’s own multiple.

Names such as Infosys, HCL Technologies and Wipro have logged declines between 20% and 25%.

Welspun Corp received additional orders cumulatively valued at Rs 1,600 crore for India line pipe facility. Current consolidated global order book stands at Rs 18,000 crore.