Sensex Today | Stock Market LIVE Updates: Nifty back at 24,000 as market looks to make a recovery

Sensex Today | Stock Market LIVE Updates: The markets are under immense pressure, as the cataclysmic fall in IT stocks has resulted in the fall of all the major indices on Dalal Street. The Nifty is down over 200 points, dropping below 24,000. The Sensex is down over 700 points, dropping below the 76,700 mark.

The stock has managed to see some recovery from its 52-week low ahead of the AGM. For the Nifty, 24,000 on the downside remains key, while the first hurdle emerges near the 100-DMA of around 24,250.

The IT stocks are under immense pressure, falling, with the major IT stocks, such as TCS, Infosys, and Tech Mahindra, having fallen over 6%.

On one corner will be IT names, which could see pressure after Accenture's overnight earnings miss and the resultant fall in ADRs of Infosys (10%) and Wipro (4%).

On the flip side, there are banks, with the Nifty Bank having rallied nearly 3,000 points in six sessions and is now at the upper end of the 57,000 - 58,000 trading range. The bulls would hope that this outperformance continues today to offset any pressure in IT names.

The third most important wheel today will be Reliance Industries, ahead of its AGM and the street will be most keen on hearing any potential timeline for the much awaited Jio IPO.

 

Watch this space for all the LIVE Stock market updates.