Sensex sinks below 75,000 mark, Nifty crashes below 22,600; IT stocks lead plunge

The NSE Nifty50 dropped 242.55 points to close at  22,553.35.

The IT sector stocks led the market fall on the opening day of the week.

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Among the constituent stocks on the BSE Sensex, the massive decline was marked by  Zomato, HCLTech, Infosys, Bharti Airtel, and TCS.

With gains led by Dr Reddy's, Eicher Motors, Mahindra & Mahindra, Nestle India, and BEL, 14 stocks traded higher on the Nifty 50.

Wipro, HCLTech, Infosys, TCS, and Bharti Airtel were among those that capped losses.

What did experts say?

Vaibhav Vidwani, Research Analyst at Bonanza, said that the downturn was largely influenced by ongoing foreign institutional investor (FII) selling, which has been persistent due to global market dynamics favoring the US and China.

"The 'Sell India, Buy China' trend, driven by China's economic recovery initiatives and relatively cheaper stock prices, continues to impact Indian equities negatively,' he told India Today.

Ajit Mishra, SVP, Research, Religare Broking Ltd told the news channel: "Given the current scenario, we maintain a negative outlook on the index and recommend a "sell on rise" strategy. However, individual stocks continue to present trading opportunities on both sides, and participants should adjust their focus accordingly."

Speaking on Monday's market performance, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, told Business Standard: "The market is facing headwinds from relentless FII selling and global uncertainties relating to Trump tariffs."