Business

IIE DIGITAL DESK : Indian equity markets witnessed a steep decline on Thursday as heavy selling pressure dragged benchmark indices Sensex and Nifty50 sharply lower, erasing gains from the previous three trading sessions. The market opened deep in the red and continued to struggle throughout the morning session, leaving investors with significant losses across sectors.

The BSE Sensex opened with a massive gap-down of 1,953 points compared to its previous close, while the NSE Nifty50 also began trade 580 points lower, signalling widespread bearish sentiment from the outset. Although minor fluctuations were seen during intraday trade, the overall market direction remained firmly negative.

By around 10:30 am, the Sensex had fallen by 2.16 percent, or 1,658 points, to trade near the 75,045 level. Meanwhile, the Nifty50 dropped 2.13 percent, or 506 points, settling around 23,271, reflecting strong selling pressure across large-cap stocks.

Among the Nifty50 constituents, HDFC Bank emerged as the worst-performing stock, dragging indices lower amid heavy liquidation. Other major losers included Shriram Finance, Eternal, Bajaj Finance, and Larsen & Toubro, all of which saw notable declines. A similar pattern was observed in the Sensex basket, where HDFC Bank again recorded the steepest fall.

The stock of HDFC Bank came under intense pressure after opening more than 8 percent lower at around ₹770 per share. Although the stock later recovered slightly during the session, trading near ₹805 by mid-morning, it still remained down nearly 4.5 percent compared to the previous close. Market analysts attributed the sharp decline partly to the sudden resignation of HDFC Bank’s part-time chairman and independent director Atanu Chakraborty, which added to investor concerns.

The broader market weakness was not limited to benchmark indices alone, as nearly all sectoral indices also traded in negative territory. Realty, private banking, financial services, banking, IT, and auto sectors witnessed some of the sharpest declines. Even defensive sectors such as FMCG, pharma, and metals saw noticeable selling pressure.

Mid-cap and small-cap segments also faced broad-based selling, reflecting risk-off sentiment among investors. Overall, the market mood remained highly cautious as volatility spiked and investors reassessed positions amid global and domestic uncertainties.