Mumbai— Indian equity markets tumbled sharply on Thursday as rising geopolitical tensions between the U.S. and Iran, coupled with weak global sentiment, triggered widespread selling across sectors.
The benchmark Sensex dropped 823.16 points, or 1%, to close at 81,691.98 after hitting an intraday low of 81,523.16. Meanwhile, the Nifty slipped below the key 25,000 mark, ending the session at 24,888.20, down 253.20 points or 1.01%.
Losses were broad-based, with 27 out of the 30 Sensex stocks ending in the red. Tata Motors, Titan, Power Grid, Tata Steel, L&T, and Mahindra & Mahindra were among the top losers, each shedding over 2%. Only Bajaj Finserv, Asian Paints, and Tech Mahindra managed to post gains.
The sell-off extended to the broader markets as well. The Nifty Midcap100 dropped 1.73%, while the Nifty Smallcap100 declined by 1.90%, reflecting a widespread risk-off sentiment.
All sectoral indices closed in negative territory. The Nifty Realty index led the decline with a 2.02% loss, weighed down by steep drops in stocks like Phoenix Mills, Godrej Properties, Anant Raj, DLF, Prestige Estates, Sobha, Brigade, and Macrotech Developers, which fell by up to 3%.
Other sectors, including energy, consumer durables, oil & gas, auto, PSU banks, FMCG, metals, and financial services, also saw losses exceeding 1%.
“Consolidation in domestic markets is evolving into a broad-based correction, now spreading to large-cap names,” said Vinod Nair, Head of Research at Geojit Financial Services. “Valuation concerns and surging oil prices due to Middle East tensions are heightening investor caution.”
Nair also pointed to additional uncertainty stemming from the U.S., which is reportedly considering unilateral tariff hikes on key trade partners. A decision is expected in the coming weeks, ahead of an early July deadline.
Meanwhile, gold witnessed renewed safe-haven buying amid the rising geopolitical and economic risks, and market volatility climbed. The India VIX, which gauges market fear, rose 2.54% to 14.01. (Source: IANS)
