Sensex falls 300 pts from day’s high, Nifty below 23,050: IT selling among key factors behind market…

The latest market report highlights that The key market indices The two key benchmark indices saw earnings booking at elevated marks and eased as market participants booked earnings and the markets extended their slide in Friday's session.

At around 10 a.m., the Sensex was down 37.19 points or 0.051 percent at 73,543.35, while the broader Nifty declined to 23,039.85, down 23.25 points or 0.10%.

Key factors behinid market slide

1) Selling in IT shares: The Nifty IT index ​declined up to 1 percent, as crude prices above $100 a barrel intensified inflationary ⁠worries and bolstered bets on multiple The US central bank rate hikes in the ​near term. Elevated U.S. rates could dent demand and economic expansion in sectors exposed ​to the geography, such as Indian IT.

2) Elevated oil price marks: Brent remained above $105 a barrel and continued to pose a significant risk for India.

3) FII Selling: Foreign institutional selling intensified during Thursday's sharp domestic market slide, with FIIs offloading Indian equities worth more than Rs 5,000 crore.