Benchmark indices Nifty and Sensex opened lower on Wednesday as a sharp sell-off in IT stocks weighed on sentiment, with the sectoral index sliding nearly 6% after a major tech rout in the US. Investors also booked profits a day after the strong rally on Dalal Street triggered by the India–US trade deal, while escalating geopolitical tensions between the US and Iran added to the caution.

The BSE Sensex opened 487 points lower, or 0.5%, to 83,252, while the Nifty 50 declined 52 points, or 0.2%, to start the day at 25,675. The two, however, pared losses to trade flat following the weak open.

On the 30-stock Sensex, HCL Tech, TCS, Infosys, and Tech Mahindra tumbled nearly 6% each. On the gainers side, Reliance Industries, ICICI Bank, M&M, Power Grid, Broader and L&T gained in the range of 1-2%.

The Nifty Smallcap 100 index bucked the trend to trade 0.4% higher. The Midcap 100 was also resilient, little changed from yesterday’s close.

MORE TO COME…