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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.
Despite witnessing a broader buying especially in FMCG and oil stocks, Sensex and Nifty 50 halted their 9 days of rally on Monday. IT stocks emerged as the major draggers after a disappointing Q4 prints of TCS and Infosys. All IT stocks were in the red.
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.
A broad-based buying was seen across sectoral indices except for slight selling in IT, realty, and FMCG stocks. Heavyweight RIL and large-cap banking stocks were major drivers of market.