The Indian stock market closed lower for the fifth consecutive day on Thursday. In the last 20 minutes, a sudden heavy sell-off caused the Sensex to drop 556 points to close at 81,160 and the Nifty to fall 166 points, ending at 24,891. Selling by FIIs, weakness in the IT-Auto sectors, and global cues eroded investors' wealth by ₹6 lakh crore.
Share Market Today: The Indian stock market remained under pressure on Thursday, facing its worst phase since February. The Sensex fell 556 points to 81,160, and the Nifty dropped 166 points to 24,891. This marks the fifth consecutive day the indices closed in the red. Selling by foreign investors, weakness in IT and auto shares, and global cues from the US pushed the market down, causing investors a loss of approximately ₹6 lakh crore.
Why the Market Crashed in 20 Minutes
The market had opened lower in the morning, but conditions were stable until noon. However, in the last 20 minutes of trading, selling by investors intensified. The most significant pressure was observed on the IT and auto sectors. Selling by foreign investors also increased, leading to a rapid market collapse.
Worst Phase Since February
On Thursday, the Sensex fell 556 points to close at 81,160. Meanwhile, the Nifty dropped 166 points to 24,891. This marks the fifth consecutive day that both major indices closed with declines. This is the first time since February 14 that the market has remained in the red for such an extended period.
Loss of ₹6 Lakh Crore in Capital
This market downturn had a significant impact on investors' portfolios. Approximately ₹6 lakh crore in market capitalization was wiped out in just one session. Continuous selling has heightened concerns among small and medium investors.
Sectoral Performance
In Thursday's trading, the IT and auto sectors remained under the most pressure. The IT index fell for the fifth consecutive day, and TCS reached a 52-week low. In the auto sector, Tata Motors showed weakness. Realty shares also experienced selling, with Prestige Estates and Godrej Properties emerging as top losers. On the other hand, metal and defense stocks provided some relief to the market.
Stocks in Focus
Tata Motors' shares were affected by news of a cyber attack related to JLR, leading to a fall of up to 3 percent. Conversely, HAL's shares surged by 2 percent after the Defense Ministry approved a ₹62,370 crore Tejas Mk-1A deal. Hind Copper also jumped over 6 percent as copper prices reached multi-month highs. Meanwhile, Polycab saw a decline of over 1 percent amidst market rumors that the promoter group had sold its stake.
Strength in Defense and Metal Sectors
Shares of defense-related companies rallied after the government approved shipbuilding and maritime development schemes. Metal stocks also received support as copper prices rose sharply in the international market.
Impact of Global Cues
Weak news from the US also kept the Indian market under pressure. The Federal Reserve's hawkish policy and economic uncertainties there impacted investor sentiment. Consequently, foreign investors withdrew a significant amount of capital from the Indian market.
According to experts, the 24,800 to 24,880 level is short-term support for the Nifty, while the 25,200 to 25,300 level remains b resistance. Until the market surpasses this resistance, pressure is likely to persist.
