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Sensex and Nifty 50 stumbled by more than 1% on Monday after investors carried panic selling in IT stocks as concerns escalated following a disappointing fourth quarter by tech giants like TCS and Infosys. Markets were on a winning spree from March 29th to April 13 before correcting.
IT stocks are in focus ahead of TCS and Infosys Q4 earnings. In terms of indices, Smallcap stocks recorded a sharp upside, meanwhile, banking and metal stocks outperformed benchmarks.
Although, Sensex and Nifty 50 ended in green, the gains were capped due to heavy losses in small-cap stocks. Healthcare stocks outperformed, while auto, capital goods and consumer durables stocks weighed on the mood.
Indian equities on Thursday closed in the red with banking stocks taking a massive toll. Sensex erased its psychological mark of 58,000 and Nifty 50 came below the 17,100 level.