The stock markets opened with a dip as the BSE Sensex dropped 505 points to close at 81,950, while the Nifty 50 fell below 25,350, testing key support levels.
Selling pressure was broad-based, with metals, energy, banking, and auto sectors seeing significant declines. Among top losers were Reliance Industries, Tata Steel, and ICICI Bank, while Bajaj Finance, HDFC Bank, and Nestle India were notable gainers, providing limited support to the indices.
Global markets weighed on sentiment as Wall Street ended lower overnight, dragged down by technology stocks. Asian peers also traded cautiously, reflecting investor caution ahead of key economic data. Futures in GIFT Nifty indicated a weaker start for the domestic session.
Market participants noted that foreign institutional investors (FIIs) continued to be net sellers, adding pressure to benchmark indices. The Indian rupee opened slightly weaker against the U.S. dollar, further influencing trading sentiment.
Domestically, investors also focused on corporate earnings and stock-specific developments. Shares of Indian Oil Corporation, Bharti Airtel, and Bharat Petroleum were in focus due to quarterly results and block deals.