Indian markets witnessed a steep decline, erasing significant investor wealth. The BSE Sensex fell 2,497 points to 74,207, while the Nifty 50 dropped 770 points to 23,000, marking one of the largest single‑day falls in recent years. This downturn wiped out approximately ₹12 lakh crore from portfolios.
On the upside, some large-cap stocks offered relief. Reliance Industries, along with IT heavyweights TCS and Infosys, recorded modest gains, cushioning the overall market fall.
Financials were the biggest drag. HDFC Bank, Kotak Bank, and Manappuram Finance led losses amid leadership uncertainty and broader sectoral weakness. Midcaps and smallcaps also fell steeply as investors moved away from riskier assets.
Rising global crude prices added pressure. Brent crude surged to $116 per barrel, fueling inflation concerns in India, a major energy importer. Higher oil prices intensified worries over rising input costs and the rupee’s stability, impacting sentiment across commodity‑linked sectors.
External cues also weighed on markets. The U.S. Federal Reserve’s decision to maintain interest rates dampened hopes of near‑term cuts, prompting foreign portfolio investors (FPIs) to sell Indian equities. Global volatility and geopolitical tensions, especially in the Middle East, further contributed to the risk‑off sentiment.
Market breadth was weak, with nearly all sectoral indices in the red. Midcap and smallcap stocks faced heavy selling as investors exited riskier assets.
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