Benchmark stock market indices slumped to end in red as fears over global growth weighed in on investor sentiment. Rising crude oil prices and weak rupee further dampened sentiment.
The S&P BSE Sensex lost 1,836 points to close at 72,696.39, while the NSE Nifty50 tanked 601.85 points to end at 22,512.65.
Vinod Nair, Head of Research, Geojit Investments Limited, said that markets witnessed a sharp decline, mirroring weakness across Asian markets amid escalating tensions in the Middle East and concerns over potential disruptions to global energy supplies.
“Investor sentiment turned cautious following Trump’s 48-hour ultimatum to Iran on the Strait of Hormuz. Rising global bond yields signalled heightened inflation and fiscal concerns, while the rupee falling to a record low further pressured markets and triggered FII outflows,” said Nair.
After the closing bell, HCL Technologies Ltd led the gains, rising 1.83%, followed by Power Grid Corporation of India Ltd up 1.39%, Infosys Ltd gaining 0.28%, and Tech Mahindra Ltd adding 0.19%.
Titan Company Ltd was the worst performer, falling 6.24%. Trent Ltd dropped 5.90%, UltraTech Cement Ltd declined 5.20%, Bharat Electronics Ltd was down 4.85%, and Indigo Ltd slipped 4.85%, reflecting a broad-based sell-off in the market.
“Broad-based selling was observed across sectors, with metals, realty, and consumer durables leading the losses, and mid- and small-cap stocks underperforming,” said Nair.
“In the near term, markets are likely to remain risk-averse until there is greater clarity on de-escalation, though the correction is offering selective long-term opportunities for investors,” he added.
