Investors on Dalal Street witnessed a brutal sell-off during the stock market today as a wave of intense selling pressure wiped out significant market wealth in what is being described as “The Great Red Session”.
The benchmark BSE Sensex crashed by a staggering 2,496.89 points to close at 74,207.24, while the Nifty 50 plummeted 3.26% to finish at 23,002.15, barely clinging to a critical psychological support level.
The mood on the floor was one of caution turned to panic as the sector performance across the board turned deep red. Leading the downward spiral was the Nifty Auto index, which shed 4.25% as major players like Mahindra & Mahindra saw their share prices tumble by 5.25%.
The financial backbone of the market also buckled, with the Nifty Bank dropping over 1,870 points, weighed down by heavyweights like HDFC Bank, which fell 5.13%, and Axis Bank.
Even the defensive pockets of the market offered no sanctuary. The Nifty IT sector fell 3.31%, with industry leaders Tata Consultancy Services and Infosys both seeing significant cuts as global sentiment appeared to weigh heavily on domestic screens.
Meanwhile, consumer-facing stocks were hit hard as well; Bajaj Finance emerged as one of the prominent top losers, sliding 5.42%, followed closely by the retail giant Trent, which dropped 4.32%.
The carnage extended to infrastructure and logistics, with Larsen & Toubro falling 4.72% and InterGlobe Aviation (IndiGo) declining 4.66%.
With virtually no top gainers among the major indices, the breadth of the market remained overwhelmingly negative, reflecting a broad-based exit by participants.
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