Stock market update, July 1 -- The Indian benchmark indices extended losses for a second consecutive session, driven by profit-taking in heavyweight sectors. The Nifty 50 declined 0.34% to settle at 23,865.75, while the Sensex dropped 0.33% to close at 76,478.67.

High-valuation drags were led by IT stocks such as Infosys and TCS amid lingering concerns over AI-led disruptions. Banking and FMCG stocks also faced pressure due to the sluggish progress of the monsoon. Geopolitical headlines also induced caution, following reports of upcoming US-Iran diplomatic talks in Doha.

On the contrary, the broader market exhibited notable resilience. The Nifty Smallcap 100 jumped 1.02%, and the Midcap 100 rose 0.37%, powered by selective buying in con...