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Benchmark indices snapped a two-day gaining streak and ended sharply lower, with IT stocks dragging the market deep into the red. The Sensex plunged 1,069 points to close at 82,226, while the Nifty fell 288 points to settle at 25,425, both benchmarks declining over 1%.Market breadth remained firmly negative, with the NSE advance-decline ratio at 2:5, signalling broad-based selling pressure.The Nifty slipped below the 25,450 mark, weighed down by heavy losses in tech counters. Tech Mahindra, HCLTech, Eternal and Infosys emerged among the top losers on the index. Eternal extended its slide, falling nearly 11% over the last five sessions.IT stocks remained under sustained pressure. The Nifty IT index declined for the fifth straight session, sliding nearly 5% in today’s trade. The index has tumbled 21% over the past month, with Coforge alone slumping nearly 26% during the period. Midcap IT names including LTIMindtree, KPIT Technologies, Persistent Systems, Coforge and Tata Technologies featured among the top losers in the broader market.The Nifty Bank index slipped 217 points to end at 61,047, while the Midcap index declined 189 points to close at 59,066, reflecting weakness across segments.Textile stocks were also under pressure after the government cut the RoDTEP incentive by 50%. Gokaldas Exports dropped over 5% following the announcement.On the gaining side, One MobiKwik Systems rose over 2% after the company received BSE approval to commence its stock broking business.MRPL gained more than 2% after announcing that its board will meet on March 3, 2026, to consider an interim dividend for FY26.Overall, benchmark indices underperformed amid persistent IT selling and weak market breadth, as investors turned cautious after the recent rally.Sources say the Tata Sons board has deferred a decision on the extension of N Chandrasekaran’s term.The decision to reappoint N Chandrasekaran as Chairman has been deferred.

Tata Sons Board Meet Underway, No Decision Yet On Clearing N Chandra’s Reappointment

Tech StocksIT stocks were struggling with the growth momentum. Narratives kept on changing, firstly, it was an interest rate cut, then the discretionary spend and the pickup of new software, which they were developing for the AIs, so, but now I think it’s a bigger challenge from them. Because they will now be just a system integrator, and the value addition part will evaporate, and that will lead to bleeding in the margins. So what we are valuing IT companies now is on the basis of your terminal growth rate, and if that is what you are paying for the I see further downside for the IT companies. Next, two three quarters may still be good because of the committed business, which will pay out. But the real challenge and problem will start from FY28 onwards.Pashupati Advani, Founder and Chairman of Global Foray, said, “The sell-off in big IT names is dragging the overall market. It is only a matter of time before banks start selling too. I remain positive on metals, cement and defence. I believe there will be some consolidation in cement and metals. Centum Electronics said it has bagged an order from Hindustan Aeronautics Ltd (HAL) for the AESA (Active Electronically Scanned Array) radar system. The Phase-1 order is worth ₹78 crore, while Phase-2 is valued at around  ₹500 crore. MRPL said its board will meet on March 3, 2026, to consider a dividend.”

MRPL Board Meet On March 3, 2026 To Consider Dividend

Alembic Pharma Gets USFDA Final Nod For Efinaconazole Topical Solution

Efinaconazole Indicated For The Topical Treatment Of Onychomycosis

Efinaconazole Has An Estimated Market Size Of $500 Million

IIFL Finance Board Approves Fund Raise Of Up To Rs 1,000 Crore Via NCDs

Here are a couple of stock recommendations by Shrikant Chouhan, Kotak Securities:

Buy Union Bank with a target of ₹210 and ₹220

Sell Trent with a stop loss of ₹4,010 and a target of ₹3,700 and ₹3,650

Mutual Funds lose Rs 3.5 lakh crore in IT in 2026, so far.

LIC loses Rs 42,500 crore in IT in 2026, so far.

Both Mutual Funds & LIC see maximum loss in Infosys & TCS

MFs’ loss in Infosys & TCS together at Nearly Rs 2 Lk Cr

LIC’s loss in Infosys & TCS together at more than Rs 26,000 Cr

It is currently at 25,365.90.

Sensex is down 1,300 points at the moment.

L&T, Bharti Airtel, Infosys, ICICI Bank, HCLTech are the top contributors towards Nifty 50’s downside.

KEC International | Bags New Orders Worth Rs 1,002 Cr For T&D Projects

Eris Life and Natco Pharma have partnered to launch Semaglutide in India. The stock is up 3%.

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Shree Cement Commissions 3.65 mtpa Clinkerisation Unit At Integrated Plant In Kodla, Kalaburagi, Karnataka

Total Clinker Capacity Now Stands At 7.15 mtpa In Kodla, Karnataka

L&T and Infosys are the top contributors towards its downside.

A total of 39 of the 50 stocks are trading with losses.

The index is at 25,416.30 at the moment.

Big Fall In IT Erases Value Of LIC’s Investment By ₹42,500 crore In 2 Months

LIC Sees Maximum Value Erosion In Infosys & TCS (₹26,510 crore)

Shares of Eternal Ltd are trading in the red, putting the stock in the Nifty top losers list.

Shares of Indoco Remedies gained as much as 7% after the company received a USFDA nod for Brivaracetam Oral Solution. The stock has since pared some of its gains.

Alankar Garude, Kotak Institutional Equities On CNBC-TV18

Broadly, The Mood In The Pharma And Healthcare Sector Is Positive

Emerging Markets Trends Continue To Remain Healthy

Outlook For Margin In The Pharma Sector Appears Strong

Prefer Companies Like Lupin With More US Generics Exposure

Caplin Point Subsidiary Gets US FDA Approval For Sodium Phosphates Injection

Sodium Phosphates Injection is indicated To Prevent Or Correct Hypophosphatemia

Rajiv Bajaj, Bajaj Auto

Export Has Been A Standout  Vertical In Last few Months

Nigeria Now Has Monthly Run-rate Of 30,000 & May Hit 35,000-40,000 Units Soon

In LATAM, Sold 50,000 Units Of 2-wheelers & 5,000 3-wheelers In Jan

Expect Export To Be Around  2.50 Lakh Units From April

EU Deal Will Be Hugely Positive For India, Especially For The Auto Ind

EBITDA Was Above 20% Even  After 50% Tariff For The US Exports

We Exports Around 15,000 Units/Year Of Triumph & Dominar To The US

Bajaj Auto Sales To Sri Lanka  Were 10,000 Units Per Month

Slashing of RoDTEP Duties By 50% Is Bound to Have A Negative Impact on Exports

RoDTEP Cut Won’t Impact Co Majorly, But For Many Exporters, It Will Impact Significantly

PLI Claims Will Be To The Tune  Of ₹1,000 Crore

Over ₹642 Crore Of PLI Claims Have Already Been Granted To Us

Have Stabilised Production Of Electric Two-Wheelers To About 30,000 Units/Month

Will Increase Electric 2-wheeler Production To 40,000 Units/Month By April

Eris Lifesciences Announces Partnership With Natco Pharma For Semaglutide Launch In India

The index is currently down 25,456.65.

Bharti Airtel, Infosys, TCS, L&T, HCLTech are the top contributors towards its downside.

A total of 41 of the 50 stocks are trading with losses at the moment.

Tech Mahindra, HCLTech, Eternal, Infosys, TCS are the top losers right now.

L&T’s two business verticals have jointly won a ‘significant’ order from the department of atomic energy to establish the LIGO India Observatory.

The observatory is set to come up at Aundha in Maharashtra’s Hingoli district.

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Brivaracetam Oral Soln Is Used For Treatment Of Partial-onset Seizures In Patients 1 Month Of Age

Suzlon has appointed Ajay Kapur as its new CEO with effect from today. He was previously the MD at Ambuja Cements.

The company also elevated its present group CEO to a member of the Group Executive Council.

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Shilpa Medicare’s material subsidiary has inked a licensing agreement with SteinCares and it will commercialise a biosimilar across Latin America.

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Here are a few stock recommendations by Dharmesh Shah, Assistant VP, ICICI Securities:

Buy Bank of Maharashtra with a stop loss of ₹65 and a target of ₹79

Buy Tata Steel with a stop loss of ₹198 and a target of ₹228

Suzlon Group To CNBC-TV18 | JP Chalasani, & Girish Tanti, Executive Vice Chairman:

Group Executive Council To Focus On Mid To Long-term Planning And Projects

Renewables Set To Become A Mainstream Energy Source For The Country

Currently Co Is Only A Wind Player, Focus On Becoming A FDRE Player Too

FDRE Is Firm & Dispatchable Renewable Energy

Not In Any Discussion With Adani For Equity Investment Into Suzlon

Will Focus On Expansion & Institutional Scale Building For Next 3 Years

Confident Of Core Business Growing Beyond FY28

Continue Growing Momentum In The Wind Business

Expand Wind Business To Global Markets In The Coming Years

Focus On FDRE Business Growth

Shilpa Medicare | SteinCares & Arm Shilpa Biologicals Enter Into Licensing Agreement

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