The S&P BSE Sensex dropped 555.95 points, or 0.7%, to close at 81,159.68, while the NSE Nifty 50 shed 166.05 points, or 0.7%, ending at 24,890.85. Losses were broad-based, with banks and IT majors among the hardest hit.
Top Movers
On the 30-stock Sensex, Trent, Power Grid, Tata Motors, Tata Consultancy Services, Asian Paints and NTPC were among the biggest drags, each falling between 2% and 3%. Bharat Electronics, Axis Bank and Bharti Airtel advanced as much as 2%, cushioning the decline.
IT stocks, under pressure after the U.S. moved to tighten visa rules, slipped more than 1%.
In the broader market, both the small-cap and mid-cap indices fell 0.6%.
Metals shares bucked the downtrend, with the Nifty Metal index up 0.2% as Hindustan Copper surged 6.3%. The rally tracked a jump in global copper prices after production was disrupted at Freeport-McMoRan’s Indonesian mine by a sudden mudflow.
Expert views
Indian markets extended its losing streak for a fifth straight session as investors booked profits amid persistent FII outflows and uncertainty over US-India trade talks, which is expected to dent Q2 GDP growth, said Vinod Nair, Head of Research at Geojit Investments.”Broad based selling prevailed in the market with heavy selling across auto, IT, pharma, and healthcare sectors, while metals gained on the back of China’s liquidity support and copper supply concerns. Overall, sentiment remains cautious ahead of India’s H2FY26 borrowing and US macroeconomic data, expected to be released over the end of the week,” said Nair.
In technical terms, the Nifty has fallen below the crucial support level of 25,050, which also coincides with the 38.20% Fibonacci retracement of the previous rise from 24,400 to 25,450, said Rupak De, Senior Technical Analyst at LKP Securities, adding that the index has slipped below the 21 EMA on the daily timeframe, confirming increasing bearish sentiment.
“It appears that the bulls are stepping back, giving bears more control over the market. On the downside, immediate support is placed at 24,800; a break below this level could trigger a deeper and more serious correction. On the upside, resistance is seen at 25,000,” said De.
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