Selling was widespread across the market, with 42 of the 50 Nifty stocks ending in the red, including 12 stocks that declined more than 3%. On the Sensex, 25 out of 30 constituents closed lower.
The Nifty Bank index led the losses, plunging 1,763 points to 50,020, with IDFC First Bank, Federal Bank and IndusInd Bank among the top laggards.Broader markets also came under pressure, with the Nifty Midcap index falling 1,128 points to 56,266. Market capitalisation of BSE-listed companies eroded by more than ₹8 lakh crore during the session.
All sectoral indices ended lower except IT, which provided some support to the market. Wipro, LTIMindtree and Infosys were among the top gainers as technology stocks outperformed in an otherwise weak market.Oil marketing companies declined sharply after crude oil prices climbed above $100 per barrel, with IOC, BPCL and HPCL falling as much as 6%.
Among individual stocks, PG Electroplast dropped over 13% after the company warned of constrained gas supply, while Meesho hit the 10% lower circuit after receiving a ₹1,500-crore income tax demand notice.
In the broader market, IDBI Bank, MRPL, Bank of Maharashtra and NLC India were among the top midcap losers, falling between 5% and 9%.
Volatility also surged, with the India VIX rising over 23%, reflecting heightened investor nervousness amid the broad market sell-off. Market breadth remained decisively negative, with the NSE advance-decline ratio at 1:6.
The rupee ended at a record closing low of 92.33 per US dollar, compared with 91.74 in the previous session, after touching an intraday low of 92.35.
