Nifty slides 90 points at noon; Bajaj Finance tanks 5%, IT stocks hold firm

The Nifty 50 experienced a decline of 90.30 points, or 0.37%, settling at 24,545.70 in mid-session on Friday, according to wire material. The Sensex also fell 0.59% to 78,488.82. Both indices opened lower and struggled to recover, with financial stocks bearing the brunt of selling pressure. IT stocks, however, provided some support.

Bajaj Finance saw the biggest drop in the day, falling 5.12% to ₹1,086.20 on heavy trading volume. Bajaj Finserv also fell 4.29% to ₹1,996.60, breaching the ₹2,000 psychological mark. Other stocks like Trent, Shriram Finance, and ICICI Bank also declined. In the gainers' camp, TCS led the pack with a 2.46% rise to ₹2,431.30, while Mahindra & Mahindra, HCL Technologies, Infosys, and IndiGo also saw positive movements.

Ponmudi R, CEO of Enrich Money, highlighted the IT sector's performance as the standout, with the Nifty opening with a gap-down and recovering to trade near 24,600. The Indian rupee traded near ₹95.2 against the US dollar, pressured by high crude oil prices. Precious metals, particularly gold and silver, showed a positive trend.