1. Sensex and Nifty Dip on IT Weakness: The BSE Sensex dropped 553 points to close at 79,389, while the NSE Nifty slipped 135 points to 24,205. Losses were led by major IT stocks like Tech Mahindra, HCL Tech, TCS, and Infosys, which fell between 2.5% and 4.5%.
2. Larsen & Toubro Gains: L&T shares surged 6.4% after reporting a profit increase for the September quarter, driven by faster project execution, helping to cushion the market’s losses.
3. Cipla Surges on USFDA Nod: Cipla rose 9.6% as its Goa facility inspection received a “Voluntary Action Indicated” (VAI) classification from the USFDA, indicating a favorable outcome.
4. Global Market Sell-Off: Global stocks faced pressure, with tech-heavy indices in the U.S. and Asia dropping after Meta and Microsoft cited rising AI-related costs. STOXX 600, Nikkei, and Kospi also ended lower.
5. Rupee Nears Record Low: The Indian rupee closed at 84.0750 against the U.S. dollar, hovering near historic lows as outflows from equities added pressure.