Business · India Bureau
Indian stocks plunge as Sensex sheds over 1,000 points in heavy selloff
Domestic equity markets witnessed a sharp decline on Tuesday, with the BSE Sensex tumbling 1,064 points as investors rushed to the exits. The broader market correction wiped out approximately Rs 7.5 lakh crore in investor wealth.
LSN India ·
The Bombay Stock Exchange's benchmark 30-share index closed significantly lower, with all constituent stocks trading in the red throughout the session. The broad-based selloff reflected risk-averse sentiment across the market, as investors trimmed positions across sectors.
Technology and pharmaceutical stocks bore the brunt of the decline. Tech Mahindra, Sun Pharmaceutical, Bharti Airtel, and Infosys were among the major losers, dragging the Sensex lower. The weakness in these heavyweight stocks, which carry substantial index weightage, amplified the overall market downturn.
The sharp correction erased significant value from investor portfolios, with the cumulative market capitalisation falling by Rs 7.5 lakh crore. Analysts attributed the selloff to a combination of profit-taking and concerns over global economic headwinds, though specific triggers for Tuesday's decline remained unclear.
The extent of the decline raised questions about near-term market direction, with investors likely to remain cautious in the absence of fresh positive triggers. Market participants will be watching for corporate earnings announcements and macroeconomic data releases in the coming sessions for cues on the strength of the recovery.