The Indian stock market closed in the red on Thursday, with heavy selling across all sectors except PSU banks. The benchmark indices fell by over 1 percent as Sensex dropped 836 points, or 1.04 percent, ending at 79,541.79. Nifty also declined by 284.70 points, or 1.16 percent, closing at 24,199.35.
The Nifty Bank fell 400.90 points, or 0.77 percent, to close at 51,916.50. The Nifty Midcap 100 index dropped 246.65 points, or 0.43 percent, ending at 57,916.50. Meanwhile, the Nifty Smallcap 100 index declined by 142.25 points, or 0.75 percent, to close at 18,763.85. Heavy selling affected the metal sector, while auto, pharma, realty, energy, and infra sectors each lost over 1 percent.
IT, financial services, FMCG, media, private banks, and healthcare sectors also closed in the red. Top losers in the Sensex pack included Tech Mahindra, Tata Motors, JSW Steel, Sun Pharma, and IndusInd Bank. Only SBI managed to make gains.
Experts attribute the fall to weak Q2 earnings and continued foreign investor selling. They noted that investors are now watching the upcoming Federal Reserve meeting and domestic public spending, which could provide market direction. The rupee traded weaker at 84.36, while the dollar index held steady at 104.50 as markets awaited the Fed’s decision.
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