Live: Risk-off mode returns, Nifty slips for 3rd day; IT top underperformer | Closing Bell

Core Development: Live: Risk-off mode returns, Nifty slips for 3rd day; IT top underperformer | Closing Bell

Market & Financial Impact: The Sensex slipped over 400 points, down 0.6%, while the Nifty extended its fall for the third straight day, breaking below the 23,600 mark. Market breadth remained weak, with declines outnumbering advances. The IT index fell for the sixth consecutive day, with Coforge emerging as the top drag, while IT heavyweights Infosys, HCL Tech and TCS declined 2-5%. In contrast, the Nifty Metal index extended its gains to emerge as the top-performing sector, while pharma stocks witnessed profit-booking after two days of gains. Broader markets remained weak, with smallcaps snapping a four-day winning streak. Coforge shares slipped after its chairman resigned following an internal audit, although the company clarified that the resignation was not related to its financials. BSE shares fell after Bernstein initiated coverage with an "underperform" rating, saying market share gains could peak in FY27. Graphite India shares surged after GrafTech announced a 30% increase in graphite electrode prices. Meanwhile, West Asia tensions continued to weigh on sentiment after the US destroyed five Iranian oil tankers, pushing Brent crude prices above the $99-a-barrel mark. Asian markets were mixed on Wednesday, with the Nikkei slipping while the Kospi gained. US futures were also mixed, with Dow futures lower and Nasdaq futures higher, while European markets traded lower, with the Stoxx 600 and FTSE 100 down 0.3-0.7%. Among Nifty 50 stocks, Adani Enterprises, Max Healthcare and Adani Ports were the top gainers, while Infosys, HCL Tech and Tech Mahindra were among the biggest losers.

Actionable Insight: 🔴 Bearish Risk: Regulatory scrutiny, profit decline, or sell-off risk may create near-term volatility.