FX.co ★ Sensex Closes on Negative Note

India’s BSE Sensex surrendered early gains to finish about 0.2% lower at 77,473 on Wednesday, as a sharp selloff in IT shares outweighed advances in banking and metal counters. Sentiment was supported by a continued slide in crude oil prices, driven by renewed optimism over shipping flows through the Strait of Hormuz, but overall trading remained cautious ahead of key US inflation data and Nvidia’s earnings release.

The IT sector faced increased pressure after the US halted visa appointments as part of a broader immigration crackdown, reigniting worries about rising costs and margin compression for Indian IT exporters. In contrast, softer US sanctions on Iran helped ease global inflation concerns, pushing down domestic bond yields and lending support to financial stocks, while metal producers benefited from improving realization prospects.

Infosys (-1.9%) was the session’s worst performer on the Sensex, with Tech Mahindra and HCL Tech falling 1.4% and 0.9%, respectively. Other notable laggards included Bharti Airtel, L&T, Power Grid, NTPC, M&M, Reliance, BEL, Maruti, and Trent, all recording losses in the 0.9% to 1.9% range.