Stock Market Plunges: Sensex Down 650 Points, Nifty Below 25800 on IT Turmoil, Global Cues

• Indian stock market declined for the second consecutive day, with Sensex falling 650 points and Nifty dropping below 25800.
• Major reasons for the decline include turmoil in IT stocks, rising crude oil prices, and weak global market cues.
• Nifty IT index plunged up to 4.5% due to profit-booking in US IT stocks, AI challenges, and reduced likelihood of US interest rate cuts.
• Experts suggest AI-based automation impacts Indian IT companies' business models, potentially reducing billable hours and employee numbers.
• Rising crude oil prices (Brent crude at $69.72/barrel) and weak Asian and US markets further dampened investor sentiment.