On Thursday, the BSE Sensex dropped 559 points to close near 83,675, while the Nifty 50 slipped below 25,850, ending at 25,807. Investor sentiment weakened as global macro data and domestic sector pressures combined to trigger selling across most segments of the market.
Market participants reacted cautiously to stronger-than-expected US jobs data and the likelihood that the Federal Reserve may delay interest rate cuts. This prompted a risk-off mood globally, with Indian markets reflecting the cautious stance.
Technology stocks were the biggest drag on the indices. Heavyweights such as Tech Mahindra fell about 6%, while HCL Technologies declined nearly 5%. Other IT majors including TCS and Infosys also saw losses, dragging the Nifty IT index sharply lower and contributing significantly to overall market weakness.
Meanwhile, some financial and banking stocks showed resilience, with ICICI Bank, Bajaj Finance, and State Bank of India (SBI) recording modest gains. FMCG and metal stocks held steady but could not offset the broader losses across IT and other high-beta sectors.
On the corporate front, Muthoot Finance reported a near doubling of quarterly profit, offering a rare bright spot amid a generally negative market trend. Commodity markets saw slight gains in industrial metals such as copper and zinc, while the Indian rupee finished marginally stronger against the US dollar.
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