It was a day of deep crimson on the Indian bourses as the stock market today faced intense selling pressure from the opening bell. Investors were left reeling as the benchmark indices wiped out significant gains, reflecting a somber and cautious mood across the trading floor.
The Sensex crashed by more than 1,630 points to close at 71,947.55, while the Nifty 50 slipped below the 22,400 mark, ending the session at 22,331.40. The carnage was even more pronounced in the Nifty Bank, which tumbled nearly 4% as banking heavyweights faced a relentless onslaught.
Looking at sector performance, the Nifty PSU Bank index was the primary victim of the bears, plummeting a staggering 4.56%. The broader financial services space followed suit, with the Nifty Financial Services Ex-Bank index sliding 3.78%.
The pain was widespread; even traditionally defensive sectors like FMCG and Healthcare could not escape the selling pressure, as every major sectoral index ended the day in negative territory. The Nifty Auto index also faced a rough ride, dropping 2.39%, as sentiment soured across cyclical stocks.
In a rare sight for the top gainers, Power Grid Corporation of India was the solitary stock in the Sensex pack to keep its head above water, managing a marginal gain of 0.27%. Aside from this lone spark, the list of top losers was dominated by financial giants.
Bajaj Finance led the downward spiral with a 5.09% drop, while the State Bank of India and Bajaj Finserv also saw heavy corrections of 3.95% and 3.71%, respectively.
Other prominent laggards included Axis Bank, Kotak Mahindra Bank, and HDFC Bank, which collectively dragged the indices lower.
Outside of the financial space, InterGlobe Aviation (IndiGo) and Bharti Airtel also faced significant heat, reflecting a broad-based exit by investors looking to de-risk their portfolios.
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