Sensex, Nifty Slide on IT Stock Weakness

Mumbai: Indian stock markets witnessed a decline on Friday, with the benchmark indices Sensex and Nifty closing lower. Sensex fell over 450 points, settling at 72,643.43, while Nifty dropped nearly 120 points, closing at 22,026.85 [Business Today].

The primary drag on the market came from IT stocks. Concerns about potential delays in US rate cuts triggered a sell-off in the sector, pulling down the overall market sentiment.

However, Paytm, the digital payments company, defied the trend and bucked higher by 5%. This positive movement for Paytm could be due to company-specific developments or investor optimism in the fintech sector.

This decline marks the biggest weekly loss for both indices since October 2023, with a total drop of around 2% each.

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