Mumbai, Sep 24 : Indian equity markets witnessed heavy selling pressure on Thursday, with the benchmark Sensex falling more than 1,200 points and the Nifty declining over 1.6 per cent, as rising crude oil prices, higher US bond yields and geopolitical uncertainty weighed on investor sentiment.
The NSE Nifty 50 closed at 23,063.10, down 383.70 points, or 1.64 per cent. The BSE Sensex ended at 73,580.54, declining 1,247.71 points, or 1.67 per cent.
The sell-off came amid renewed gains in crude oil prices. Brent crude climbed back to around $106 a barrel, after easing to nearly $98 a barrel in the previous session.
Higher US Treasury yields also added to concerns in global markets. The US 10-year Treasury yield moved up to around 5.11 per cent, raising worries over inflation, borrowing costs and the pace of monetary easing.
Most sectoral indices on the NSE ended lower.
The Nifty Metal index declined 1.99 per cent, while Nifty Private Bank fell more than 2 per cent. The Nifty Auto index dropped 1.46 per cent and Nifty FMCG declined 1.18 per cent.
The Nifty IT index fell 0.67 per cent, while Nifty Media declined 0.75 per cent. Nifty Pharma shed 0.46 per cent and Nifty PSU Bank slipped 1.21 per cent.
The weakness in domestic equities came against the backdrop of broader concerns over elevated crude prices and global borrowing costs, which can influence inflation, corporate costs and foreign capital flows.
The Indian rupee also weakened against the US dollar.
At the interbank foreign exchange market, the rupee opened at 95.84 and touched an intraday low of 95.98 against the dollar. It eventually settled at 95.96 (provisional), down 23 paise from its previous close.
Market participants continued to monitor developments in crude oil prices, US bond yields and geopolitical conditions for further direction.
Thursday’s decline marked a sharp reversal in sentiment on Dalal Street, with investors remaining cautious amid pressure across several key sectors.
