By Kishor Kadam & Nesil Staney
The benchmark Nifty snapped its six-day winning streak on Thursday, falling 253.20 points, or 1.01%, to close below the 25,000-mark at 24,888.20, primarily due to profit-booking. Weak global cues and renewed tariff concerns also weighed on market sentiment.
The Sensex declined 823.16 points, or 1%, ending the day at 81,681.98 — marking its steepest fall in 17 trading sessions. The broader BSE Midcap and BSE Smallcap indices underperformed, slumping 1.52% and 1.38%, respectively.
Foreign portfolio investors net sold shares worth Rs 3,831.42 crore, while domestic institutional investors net purchased equities worth Rs 9,393.85 crore, as per provisional data by the BSE.
“We see today’s market correction as a confluence of global uncertainties — lingering US-China trade tensions and crude oil volatility — and a reality check, as valuations are at fair value after a strong run,” said Trideep Bhattacharya, president & chief investment officer, Equities of Edelweiss Asset Management.
Added Siddhartha Khemka, head of research–wealth management, Motilal Oswal Financial Services, “Indian equities witnessed a sharp decline, with the Nifty50 falling by 1%, amid weak global market cues.” The US markets ended lower on Wednesday, weighed down by escalating geopolitical tensions in West Asia and a lack of clarity on the US-China trade deal. He expects the market to remain in consolidation mode, closely tracking global cues and developments around the US-India trade deal.
Ajit Mishra, senior vice president- research, Religare Broking, said that other factors like rise in crude oil prices, and expiry-related pressure led to key support level breakdown. These developments have made investors more cautious.
Market breadth was weak, with 2,729 losers compared to 1,282 gainers on the BSE. Investors’ wealth eroded by nearly Rs 6 lakh crore, with total market capitalisation on the BSE falling to Rs 449.6 lakh crore.
All sectoral indices on the BSE ended in the red. Power, utilities, oil & gas, realty, and consumer durables were the top laggards, each falling over 2%.
Tata Motors, Titan Company, Eternal, Power Grid Corporation, and Tata Steel were the top Sensex losers, declining by up to 2.89%.