The downturn was led by IT majors, with the Nifty IT index plunging nearly 5%. HCL Technologies emerged as the top loser, falling close to 11% after reporting weak Q4 results. Infosys, Tech Mahindra and Tata Consultancy Services also came under pressure. Among other earnings reactions, Persistent Systems declined 5% and Tata Elxsi dropped over 6%.
Despite the weakness in frontline indices, broader markets showed resilience. The Nifty Midcap index rose 115 points, with market breadth favouring advances at a 3:2 ratio. Stocks such as Indian Renewable Energy Development Agency (IREDA) , Exide Industries and SJVN featured among key gainers.
Sectorally, IT remained the biggest drag, while FMCG, metals, oil & gas and realty stocks saw mild buying interest. Sugar stocks also rallied after government signals on moving towards 100% ethanol blending, with Balrampur Chini Mills gaining.
In the broader market, BEML rose nearly 4% after securing a ₹590 crore order, while Premier Explosives jumped 8% on an international order win.
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Meanwhile, the Indian rupee weakened by 30 paise to close at 93.79 against the US dollar, reflecting pressure amid the broader market weakness.
