Equity benchmark indices Sensex and Nifty surrendered early gains to plunge nearly 1.50 percent on Thursday, weighed down by intense selling in market heavyweights Infosys, RIL, and HDFC Bank amid a mixed trend in global equities.
The BSE benchmark Sensex slumped 1,190.34 points, or 1.48 percent, to settle at 79,043.74. During the day, it tanked 1,315.16 points, or 1.63 percent, to 78,918.92.
The NSE Nifty tumbled 360.75 points, or 1.49 percent, to 23,914.15.
"Domestic markets took a breather after a strong start to the week. The overnight sell-off in the US market, driven by renewed uncertainty about the rate cut trajectory and rising geopolitical tension, led to a correction in heavyweight IT and consumer discretionary stocks," Vinod Nair, Head of Research, Geojit Financial Services, said.
From the 30-share Sensex pack, Mahindra & Mahindra, Infosys, HCL Technologies, Adani Ports, Bajaj Finance, Tech Mahindra, Titan, Tata Consultancy Services, Reliance Industries, and Power Grid were among the laggards.
On the other hand, the State Bank of India was the only gainer.
In Asian markets, Seoul and Tokyo settled in the green, while Shanghai and Hong Kong ended lower.
European markets were trading higher. The US markets ended lower on Wednesday. The decline in tech companies dragged major American indices lower.
Foreign Institutional Investors (FIIs) bought equities worth Rs 7.78 crore on Wednesday, according to exchange data.
Global oil benchmark Brent crude climbed 0.49 percent to USD 73.18 a barrel.
On Wednesday, the BSE benchmark climbed 230.02 points, or 0.29 percent, to settle at 80,234.08. The Nifty rose 80.40 points, or 0.33 percent, to 24,274.90.
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