MUMBAI : Selling returned to Dalal Street on Thursday, with the Sensex losing more than 500 points and the Nifty ending below 24,100.
The Sensex closed at 76,933.59, down 539.35 points, or 0.70%. The Nifty 50 finished at 24,090.85, falling 116.90 points, or 0.48%. Both benchmarks ended at their lowest levels in about a week.
HDFC Bank was at the centre of the day’s selling. The stock fell about 2.2% and touched its lowest level in nearly two and a half years. HDFC Bank has the largest weight in the Nifty 50, making its movement particularly important for the index.
The bank is facing a proposed securities class-action lawsuit in the United States linked to alleged payments of around ₹45 crore to the Maharashtra State Road Development Corporation. HDFC Bank has rejected the allegations and said it will defend itself.
Investors are also watching uncertainty around CEO Sashidhar Jagdishan, whose current term ends in October. HDFC Bank shares have fallen more than 25% this year. Selling spread beyond banking.
Metals, automobiles, oil and gas, PSU banks and FMCG stocks were among the weaker parts of the market. Hindalco Industries, Mahindra & Mahindra, HCL Technologies and Shriram Finance were among the major Nifty losers.
There was some buying in selected stocks.
Kotak Mahindra Bank gained about 1.8%, while Adani Enterprises, Adani Ports, Bharat Electronics and Cipla also ended higher. Pharma and consumer durable stocks were among the better-performing sectors, with both gaining close to 1%. The broader market held up better than the large-cap indices. Mid-cap and small-cap stocks were relatively steady, although more stocks declined than advanced across the exchange.
Thursday was also the monthly derivatives expiry, adding to the movement towards the close. Crude oil was not the main source of pressure this time. Brent crude traded around $87–88 a barrel, lower than earlier levels, as hopes of progress in discussions involving Iran and the Strait of Hormuz reduced some concern over an immediate disruption to supplies. Lower crude prices are positive for India because they can reduce pressure on the country’s import bill. The relief from oil, however, was not enough to offset selling in heavyweight shares.
Asian markets mostly moved higher after Nvidia reported strong results, helping technology and artificial intelligence-related stocks across the region. Indian shares did not follow that broader move.
The rupee weakened slightly to around ₹95.54 against the US dollar, compared with ₹95.41 at the previous close.
