Stock Market slips for third straight session as IT stocks drag

For the third straight session, the Indian stock market witnessed a downturn as both the Sensex and the Nifty 50 indices closed lower today. Sensex dropped 456 points concluding at 72,943, marking a 0.62% drop, while the Nifty was down 124 points concluding at 22,147, registering a loss of 0.56%.

Leading the downward trend were prominent IT stocks such as Infosys, Tech Mahindra, Wipro, HCL Tech, and TCS, contributing to the drag on the indices. This decline was fueled by weak global cues, with concerns over the US Federal Reserve potentially postponing rate cuts this year, prompted by robust US retail sales data for March.

Despite the overall downturn, there were some silver linings in the market. Mid and small-cap stocks managed to outperform amidst the broader market decline, offering a glimmer of resilience.

Investors are closely monitoring global economic developments and policy decisions, particularly from the US Federal Reserve, as they navigate through market uncertainties. The persistent downward trend underscores the cautious sentiment prevailing among investors, highlighting the importance of staying attuned to both domestic and international factors influencing market dynamics.