The Indian stock market closed in the red on Diwali day as Sensex fell more than 500 points. There was heavy selling in the IT sector.

Dear Trader… Markets traded under pressure on monthly expiry day, slipping nearly half a percent. Early weakness in IT majors weighed on sentiment, with other sectors joining the decline later in the session. However, resilience in select heavyweight stocks helped limit the overall losses. Nifty ultimately closed at 24,205, down