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  1. IT stocks, Bajaj twins drag NIFTY50 below 22,400; SENSEX falls 195 points

IT stocks, Bajaj twins drag NIFTY50 below 22,400; SENSEX falls 195 points

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2 min read • Updated: March 5, 2024, 5:17 PM

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Markets closed lower today, snapping their four-day winning streak. The NIFTY50 closed below 22,400 level, while the SENSEX closed 195 points lower, ahead of key macroeconomic data and US Fed chair testimony.

Markets end lower amid weak global cues.

Benchmark indices – NIFTY50 (-0.22%) and SENSEX (-0.26%) – closed in the red, snapping their four-day winning streak. A fall in IT stocks, Bajaj Finserv and Bajaj Finance dragged down the indices.

The domestic markets closed lower amid weak global cues and ahead of the US Federal chairman Jerome Powell's semi-annual testimony to the US Congress on Wednesday. Other key macroeconomic data expected today include Eurozone interest rate decision, US initial jobless claims and nonfarm payroll numbers.

Out of the NIFTY50 universe, 29 stocks declined. Meanwhile, India VIX, a measure of volatility in the domestic markets, declined around 3.6%.

On the sectoral front, NIFTY IT (-1.5%) and Media (-1.3%) indices were among the top losers today. PSU Bank (+2.6%) and Auto (+1.4%) were the top gainers

Meanwhile, BANK NIFTY (+0.26%) index closed marginally higher. Gains in State Bank of India (+1.6%), HDFC Bank (+0.4%), and Punjab National Bank (+2.9%) supported the index.

The broader markets also underperformed. The NIFTY Midcap100 index was down 0.2%, while the NIFTY Smallcap100 index fell 1.2%.

Tata Motors (+3.5%) was the top gainer in the NIFTY50, after it announced the demerger of its businesses into two entitles—one for commercial vehicles and another for passenger vehicles.

Read more: Will Tata Motors' demerger unlock value for shareholders?

Meanwhile, Bajaj Auto (+1.7%) closed in the green after the company said its ₹4,000-crore share buyback will open on March 6.