Stock Market Decline: IT Stocks Drag Indices Down

Mumbai, Jan 5 (PTI) Equity benchmark indices Sensex and Nifty declined in early trade on Monday, dragged by blue-chip IT stocks.

The 30-share BSE Sensex dropped 125.96 points to 85,636.05 during early trade. The 50-share NSE Nifty dipped 30.95 points to 26,297.60.

From the 30-Sensex firms, HCL Tech, Infosys, Tech Mahindra, HDFC Bank, Tata Consultancy Services, and NTPC were among the biggest laggards.

However, Bharat Electronics, Tata Steel, Axis Bank, and Reliance Industries were among the gainers.

Foreign Institutional Investors (FIIs) bought equities worth Rs 289.80 crore on Friday, according to exchange data. Domestic institutional investors (DIIs) also bought stocks worth Rs 677.38 crore.


"The year 2026 has begun with major geopolitical developments which can have profound consequences. The US action in Venezuela has the potential to further destabilise global geopolitics," V K Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd, said.

In Asian markets, South Korea's Kospi index, Japan's Nikkei 225 index and Shanghai's SSE Composite index were trading significantly higher, while Hong Kong's Hang Seng index quoted marginally lower.

US markets ended mostly in positive territory on Friday.

Brent crude, the global oil benchmark, dipped 0.08 per cent to USD 60.70 per barrel.

On Friday, the Sensex climbed 573.41 points, or 0.67 per cent, to settle at 85,762.01. The Nifty went up by 182 points, or 0.70 per cent, to 26,328.55.