Sensex, Nifty slide to eight month Low, IT, Metal stocks weigh

The domestic share market indices were down 0.9% on Monday, reaching their lowest levels in eight months, weighed down by losses in financial and IT heavyweights amid investor concerns over U.S. growth slowing down.At close, the Sensex was down 856.65 points or 1.14 percent at 74,454.41, and the Nifty was down 242.55 points or 1.06 percent at 22,553.35. Nifty Mid and Smallcap indices shed 1 percent each.
M&M, Eicher Motors, Dr Reddy's Labs, Hero MotoCorp and Kotak Mahindra Bank were the top gainers on the Nifty, while losers included Wipro, HCL Technologies, Infosys, TCS, Tata Steel.On the sectoral front,except auto, pharma, FMCG, all other sectoral indices ended in the red with IT, metal, telecom indices down 2 percent. Nifty IT index has now fallen for 11 out of last 12 sessions, according to information.
Rupee Close:
On 24th Feb'25,the Indian rupee dropped 4 paise to close at 86.72 against the US dollar on Monday amid a steep fall in the domestic equity markets and a rise in Brent crude prices. However, a flat greenback against major currencies prevented further decline in the domestic unit, according to forex traders.
Expert Outlook:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying global headwinds continue to weigh on the domestic market, with persistent volatility causing uncertainty among retail investors, who generally have a lower risk appetite. Weak US consumer sentiment and tariff concerns may further pressure export-oriented sectors such as IT. Looking ahead, the pace of earnings downgrades is expected to ease, supported by increased government spending, lower interest rates, and tax reductions. These factors are likely to provide a boost to sectors such as FMCG, consumer discretionary, and banking.