NIFTY50 closed below 22,150, SENSEX lost over 350 points, IT and metal stocks dragged down the market

Benchmark indices – NIFTY50 (-0.4%) and SENSEX (-0.4%), closed lower today. The decline was attributed to falls in index heavyweights like Infosys, Asian Paints, ICICI Bank and TCS dragged down the index. The fall in information technology (IT) stocks dragged down the index.

IT shares trades lower ahead of key US inflation reading later this week, which could influence the Federal Reserve's future rate trajectory. IT companies earn a significant share of their revenue from the US markets.

Out of the NIFTY50 universe, 37 stocks declined. Meanwhile, India VIX, a measure of volatility in the domestic markets, rose 4.1% today, rebounding from last week's fall.

On the sectoral front, Oil & Gas (+0.1%) and Auto (+0.1%) were the top gainers. On the other hand, IT (-1.1%) and Metal (-0.9%) were the top losers.

Meanwhile, the broader markets also underperformed today. The NIFTY Smallcap 100 index was down 0.2% today. The NIFTY Midcap Index closed 0.3% lower.