By Admin 
Share Market Today: Today proved to be ‘Black Friday’ for the Indian stock market. The impact of the huge fall in IT shares on Thursday was such that today both the Sensex and Nifty benchmark indices were seen taking a dive. At around 9:45 am, the Sensex was seen trading 844.58 points or 1.01 per cent lower at 82830.34, while the Nifty fell 260.80 points or 1.01 per cent to 25,546.40.
Indian equity benchmarks continued to fall on Friday due to weakness in global markets as continuous selling in technology stocks impacted investor sentiments. There was an atmosphere of pressure in the broader market also. During this period, Nifty Midcap Index fell by 1 percent and Nifty Smallcap Index fell by 1.3 percent.
Big fall in IT stocks
Talking sector wise, a huge decline of 5 percent is being seen in the Nifty IT index. Infosys has suffered the most loss. Its shares have declined by 5.6 percent. TCS, HCL Tech, LTIMindtree, Coforge and Wipro were also among the big losers, which further increased the weakness in the overall market.
Asian market situation
After overnight losses in the US stock market Wall Street, Asian markets mostly fell on Friday. Japan’s Nikkei 225 slipped by 0.58 percent after reaching the level of 58000 for some time. Topix also declined by 0.58 percent. During this period, South Korea’s Kospi gained 0.35 percent. However, small-cap KOSDAQ slipped down to 1.36. Hong Kong’s Hang Seng Index futures were at 26,703, which is lower than its previous closing price of 27,032.54.
US market decline
Due to continuous selling in tech stocks, the American index has been declining for the last three sessions. However, US stock futures appeared almost flat on Thursday. S&P 500 futures gained 0.02 percent and Nasdaq 100 futures gained 0.04 percent. There was not much change in futures related to the Dow Jones Industrial Average.
Why did IT stocks fall?
The main reason for the continuous selling in US technology stocks is the huge investment being made in AI. Investors’ concerns are continuously increasing about whether the huge investments being made by big tech companies on AI will be able to get the right returns or not.
Big tech companies like Amazon, Google, Meta and Microsoft are thinking of investing about $650 billion to develop AI related infrastructure. All of them are competing to outdo each other in this changing environment. The increasing scale of spending has put pressure on margins, there is uncertainty regarding monetization, and there are fears of possible disruption in the global software and services ecosystem.
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