Stock Market Crash: Sensex Tumbles 1300 Points, Nifty Below 23,250; Infosys Among Worst Performing IT Stocks

Foreign Institutional Investors (FIIs) were net sellers of Rs 4,3Rs 52.82 crore worth of equities, while Domestic Institutional Investors (DIIs) were net buyers, purchasing Rs 7,646.49 crore worth of equities.

“Uncertainty driven by recent US government tariff policy changes has weighed on market sentiment over the last three weeks of the quarter,” stated ICICI Securities. “This could influence client decision-making and slow the recovery in discretionary spending.”

IT stocks took a hit, with Infosys leading the decline, falling 2.86 per cent to Rs 1,525. Other tech majors, including HCL Tech, TCS, and Tech Mahindra, also suffered losses of up to 2.4 per cent.

The banking sector was not spared, as private lenders HDFC Bank and Axis Bank each slid 2.3 per cent. Banking stocks, which had previously outperformed on a flight-to-safety narrative, saw a reversal. However, Kotak noted that asset quality concerns appear less severe than feared, with signs of recovery in unsecured loan segments.

Adding to investor concerns, the slump coincides with the rollout of US President Donald Trump’s reciprocal tariffs on April 2, which are expected to significantly impact India’s trade outlook and broader market sentiment.

Stock Market Performance in the Previous Session

On the last trading day of the previous fiscal year, March 28, the Sensex closed at 77,414.92, down by 191.51 points or 0.25 per cent. Similarly, the Nifty ended at 23,519.35, down by 72.60 points or 0.31 per cent.

“The Nifty’s ongoing retreat from last week’s highs is increasingly looking like a dip within a larger advance,” said Akshay Chinchalkar, Head of Research, Axis Securities. “This is because so far the last gap-up area of 23,402 continues to remain protected.” He also noted that the index is supported by a flattening 100-day average and a seasonal bullish trend.

Sectoral and Stock Performance

Among Sensex stocks, IndusInd Bank was the biggest loser, falling 3.57 per cent to Rs 649.55, followed by Mahindra & Mahindra (-2.45 per cent) and HCL Technologies (-2.20 per cent).

In the Nifty sectoral indices:

• The Nifty Media Index fell the most, declining 2.29 per cent to 1,475.25.
• The Nifty IT Index dropped 1.76 per cent to 36,886.15.
• The Nifty Realty Index declined 1.42 per cent to 851.30.

Stock-wise performance within indices:

• Nifty Media: Tips Music (-3.74 per cent), Network18 Media & Investments (-3.58 per cent), Zee Entertainment Enterprises (-3.39 per cent).
• Nifty IT: LTIMindtree (-3.59 per cent), Wipro (-3.56 per cent), Persistent Systems (-2.79 per cent).
• Nifty Realty: Anant Raj (-3.81 per cent), Macrotech Developers (-3.58 per cent), Brigade Enterprises (-2.71 per cent).

Foreign Institutional Investors (FIIs) were net sellers of Rs 4,3Rs 52.82 crore worth of equities, while Domestic Institutional Investors (DIIs) were net buyers, purchasing Rs 7,646.49 crore worth of equities.

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