Mumbai: In a day marked by strong selling pressure, the Indian share market witnessed a significant downturn, with the benchmark Sensex plummeting by 350 points. The bearish sentiment was primarily driven by profit booking activities, resulting in major market indices closing lower.
Closing at 72,790 points, the Sensex experienced a notable decline, reflecting investors' cautious stance amidst prevailing market conditions. Similarly, the Nifty also registered a decline, slipping by 90 points to settle at 22,122.
The IT and banking sectors bore the brunt of the sell-off, exerting downward pressure on the overall market performance. Indices such as the Nifty Midcap 100, Nifty IT, and Nifty Bank witnessed declines, while the BSE Small Cap index managed a marginal uptick.
In terms of individual stock performances, Larsen & Toubro, Power Grid, Hindustan Unilever, and HDFC Bank emerged as gainers, closing higher. Conversely, Asian Paints, Tata Steel, Tech Mahindra, and Titan faced downward pressure, witnessing declines in their share prices.
The bullish momentum in certain sectors, including auto, energy, infrastructure, and oil & gas, provided some respite amidst the broader market downturn. However, out of the 30 shares comprising the Sensex, only 7 managed to close higher, underscoring the prevailing bearish sentiment.
L&T emerged as a notable contributor to Nifty's rise, buoyed by positive factors such as new orders and favorable brokerage outlook. Conversely, paint stocks faced downward pressure following negative reports from brokerage firms, with Asian Paints particularly affected, witnessing a 4% decline.
Furthermore, Vodafone Idea experienced profit booking, leading to a 4% decline in its stock price. However, the company's board of directors is set to convene on Tuesday to deliberate fundraising options, amidst a positive brokerage report issued on the stock.
As market participants navigate through volatile trading conditions, the broader sentiment remains cautious, with investors closely monitoring both domestic and international developments for market cues.