Business · India Bureau
Indian equities plunge as Sensex loses 700 points, banking stocks lead selloff
India's benchmark indices fell sharply during intraday trade, with the Sensex dropping over 700 points and the Nifty sliding below the 23,250 mark. Banking and financial services emerged as the primary weakness across most sectors.
LSN India ·
Indian stock markets experienced a significant downturn during intraday trading as selling pressure mounted across multiple sectors. The Sensex retreated by more than 700 points from opening levels, while the Nifty 50 index fell below 23,250, signalling broad-based weakness in the market.
Banking and financial services stocks bore the brunt of the selloff, emerging as the worst performers in the session. These heavyweight sectors, which typically carry substantial influence on market indices, dragged overall sentiment lower as investors reduced exposure to the segment.
Most other sectoral indices followed suit with deep declines, with the notable exception of pharmaceutical stocks, which managed to hold relatively steady despite the broader downturn. The pharma sector's resilience provided some cushion against the market's overall descent.
Analysts have identified multiple factors contributing to the sharp intraday correction, reflecting a complex mix of domestic and global headwinds that have weighed on investor sentiment in recent trade. The severity of the decline underscores heightened volatility in Indian equities and shifting risk appetites among market participants.