Market Mayhem: Sensex Crashes 350 Points!
Nifty slips 100 points; IT, Pharma lead losses….
The Indian stock markets witnessed a sharp decline today as both the Sensex and Nifty tumbled significantly in early trading. The BSE Sensex dropped over 350 points to trade around 82,150, while the NSE Nifty slipped by nearly 100 points, hovering close to the 24,980 mark.
The downturn was led primarily by intense selling pressure in IT, Pharma, and Media stocks, as global cues remained weak and investor sentiment turned cautious. Major tech stocks including TCS, Infosys, and Wipro faced losses in the range of 2% to 3%, dragging the overall index downward. Pharma giants like Sun Pharma and Dr. Reddy’s also saw noticeable dips.
Experts attribute today’s fall to a combination of global economic uncertainties, weak cues from the US and Asian markets, and profit-booking in high-valuation sectors like tech and healthcare. Additionally, concerns over rising crude oil prices and a weakening rupee added to investor worries.
Despite some resilience shown by selected banking and financial stocks, the overall tone of the market remained bearish. Analysts believe that investors are opting for a “wait and watch” approach ahead of crucial earnings announcements and macroeconomic data expected later this week.
Foreign Institutional Investors (FIIs) were seen offloading shares, while Domestic Institutional Investors (DIIs) attempted to provide some support. However, the bearish sentiment clearly overpowered any buying attempts.
In the broader markets, mid-cap and small-cap indices also traded in the red, reflecting widespread pressure across sectors. The volatility index (VIX) rose slightly, signaling growing uncertainty among traders.
As the trading session progresses, market watchers suggest keeping an eye on global developments, corporate earnings, and inflation-related cues that could dictate the near-term direction of the indices.
If the negative momentum continues, investors may need to brace for further corrections. However, long-term investors are advised to stay calm and avoid panic selling during such temporary declines.