Sensex, Nifty erase early gains: Why are Indian markets crashing today?

Indian benchmark indices Sensex and Nifty erased early gains made on Wednesday to trade in the red at about 11:30 am. The Nifty, which started the day 38.45 points higher, was down 121 points, while the Sensex, which had began 168.49 points higher, was down 361 points to its day's low.

After beginning the week's trading on a downward trajectory, the Nifty saw a surge on Tuesday before giving it up intraday on Wednesday. However, starting Thursday, March 6, the Sensex has been continuously declining.

On Wednesday, IT companies plunged precipitously in both indices, with Infosys leading the way with a 5.34% decline on the Sensex and a 5.42% decline on the Nifty. Other major Indian IT companies like Wipro, HCLTech, and Tech Mahindra came after it. TCS was included to the index draggers list as well.