Benchmark indices ended sharply lower on Thursday as broad-based selling in financials, IT and consumption stocks weighed on sentiment, even as selective buying in pharma names helped limit deeper losses.
The BSE Sensex closed at 77,664, down 852.49 points or 1.09%. The NSE Nifty 50 settled at 24,173.05, lower by 205.05 points or 0.84%, slipping below the 24,200 mark.
Markets remained under pressure through the session, with the Nifty touching an intraday low of 24,134.80 after opening at 24,202.35.
The Sensex mirrored the weakness as investors booked profits in heavyweight banking and technology counters.
Among the biggest drags on the Nifty were private lenders and IT stocks. HDFC Bank fell 2% to Rs 783.90, while ICICI Bank declined 1.51% to Rs 1,347.
Infosys dropped 2.9% to Rs 1,231.80 and Tech Mahindra lost 3.12% to Rs 1,416.90.
Consumer and retail names also saw sharp cuts. Trent plunged 4.3% to Rs 4,244, emerging as one of the top losers on the index. Bajaj Finserv declined 3.07%, while Shriram Finance fell 3.31%.
Defying the weak market mood, pharma stocks outperformed strongly. Dr Reddy’s Laboratories during the session, making it the top gainer on the Nifty. Cipla rose 5.72% to Rs 1,307, while Sun
Pharmaceutical Industries added 0.49%. Among other gainers, Jio Financial Services advanced 4.19%, while Adani Enterprises gained 1.78%. Apollo Hospitals Enterprise rose 1.45%.
Vinod Nair, Head of Research, Geojit Investments Limited, said domestic equities witnessed a broad-based decline as elevated crude prices above $100 per barrel, amid the impasse in US-Iran negotiations, continued to weigh on sentiment.
“The risk-off mood was further intensified by weak global cues, persistent FII outflows, and a depreciating INR alongside higher US Treasury yields,” he said.
Nair added that while the domestic composite PMI signalled continued expansion in business activity, its positive impact was overshadowed by concerns around rising input costs, margin pressure, softer export demand and weakening forward-looking confidence, limiting meaningful buying interest.
He noted that sector performance was largely skewed to the downside, with defensives, particularly pharma and healthcare, standing out as relative safe havens amid the broader selloff.
Sectorally, weakness in banks, IT and financials overshadowed gains in healthcare and select energy names. Market breadth remained cautious as losers outnumbered gainers across frontline stocks.
Analysts said investors were locking in profits after the recent rally, while stock-specific action driven by earnings expectations and sector rotation continued to shape trading patterns.
Near-term direction is likely to depend on upcoming corporate results, global cues and foreign fund flows.