Sensex tumbles over 850 pts on weak global cues, FII outflows; sinks below 75k
Mumbai, Feb 24 (PTI): Falling for the fifth straight session on Monday, equity benchmark BSE Sensex plunged over 850 points to drop below the crucial 75,000 level, tracking a weak global market trend and unabated foreign fund outflows amid escalating trade tensions.
Besides, deep losses in IT, telecom and metal stocks added to the gloom, analysts said.
The 30-share BSE benchmark tanked 856.65 points or 1.14 per cent to settle at 74,454.41. During the day, it plummeted 923.62 points or 1.22 per cent to 74,387.44.
The NSE Nifty dropped 242.55 points or 1.06 per cent to 22,553.35.
As many as 2,810 stocks declined, while 1,207 advanced and 183 remained unchanged on the BSE.
"The market is more concerned about the US' likely move to reciprocate higher tariff levies on exporting nations, which could impact developing countries, including India. Also, FIIs showing no signs of putting brakes on their India exit strategy continue to weigh heavily on markets, with expensive valuations driving investors to curb their equity bets here.
"Heavy selling in banking, IT, telecom and other old economy sectors saw benchmark Sensex end below the crucial level of 75k mark," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In the last five trading sessions, the BSE barometer lost 1,542.45 points or 2 per cent, and the Nifty tanked 406.15 points or 1.76 per cent.
From the Sensex pack, HCL Tech, Zomato, Tata Consultancy Services, Infosys, Tech Mahindra, Bharti Airtel, Tata Steel and NTPC were among the biggest laggards.
In contrast, Mahindra & Mahindra, Kotak Mahindra Bank, Maruti, Nestle and ITC were among the gainers.
Among BSE sectoral indices, BSE Focused IT dropped 2.65 per cent, IT (2.60 per cent), teck (2.56 per cent), telecommunication (2.26 per cent), metal (2.16 per cent), commodities (1.53 per cent) and utilities (1.42 per cent).
On the other hand, Auto and FMCG were the gainers.
The BSE smallcap gauge declined 1.31 per cent, and the midcap index dipped 0.78 per cent.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,449.15 crore on Friday, according to exchange data.
Foreign investors have pulled out over Rs 23,710 crore from equity markets so far this month, pushing total outflows past Rs 1 lakh crore in 2025 amid rising global trade tensions.
"The D-Street indices experienced a sharp drop to an eight-month low as market sentiment remained subdued. The decline was primarily driven by significant losses in heavyweight stocks, especially within the IT sector. This weakness followed reports of declining consumer confidence in the US, casting a shadow over the country's growth outlook.
"The broader market felt the impact, pulling down both small and midcap indices," Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, said.
In Asian markets, Seoul, Shanghai and Hong Kong settled lower. Equity markets were closed in Tokyo for a holiday.
European markets were trading mostly in positive territory. US markets ended significantly lower on Friday.
"Global headwinds continue to weigh on the domestic market, with persistent volatility causing uncertainty among retail investors, who generally have a lower risk appetite. Weak US consumer sentiment and tariff concerns may further pressure export-oriented sectors such as IT," Vinod Nair, Head of Research, Geojit Financial Services, said.
Global oil benchmark Brent crude rose 0.04 per cent to USD 74.46 a barrel.
On Friday, the BSE benchmark dropped 424.90 points or 0.56 per cent to settle at 75,311.06. The Nifty declined 117.25 points or 0.51 per cent to 22,795.90.
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Mamata’s allegations on Bengal SIR baseless, exaggerated: BJP's Suvendu
Kolkata (PTI): Leader of the Opposition in the West Bengal Assembly, Suvendu Adhikari, on Sunday termed Chief Minister Mamata Banerjee's allegations over the ongoing SIR in the state as "baseless and exaggerated", and accused her of trying to derail the electoral roll revision exercise for political reasons.
In a post on X, Adhikari also said he has written to Chief Election Commissioner Gyanesh Kumar, and claimed that the Special Intensive Revision (SIR) of the electoral rolls was "exposing the rot in the voter lists - bogus entries, duplicates, and infiltrators that have been nurtured under the TMC's watch for years".
The BJP leader alleged that the SIR exercise was "damaging the TMC's electoral prospects", and that's why the CM was resorting to hysteria".
Banerjee had on Saturday written to the CEC, alleging that the ongoing SIR of electoral rolls has been turned into an exercise to exclude voters rather than correct records.
In her third letter to Kumar since the beginning of SIR, the chief minister accused the Election Commission of "political bias, insensitivity, and high-handedness" during the exercise.
“I would again reiterate that her claims are nothing but a desperate attempt to derail this crucial process, which is exposing the rot in our voter lists - bogus entries, duplicates and infiltrators that have been nurtured under TMC’s watch for years,” Adhikari alleged in the post.
In his letter to the CEC, dated January 10, the leader of the opposition described the chief minister’s objections as a “politically motivated attempt” to obstruct the SIR and termed the ECI’s move as "essential to ensure free, fair and transparent" elections in the state.
"The chief minister’s portrayal of this exercise as ‘unplanned, insensitive and inhuman’ is nothing short of a gross exaggeration, blown out of proportion to create public hysteria and shift focus from her government’s failures," the BJP leader alleged.
He claimed that the SIR exercise had "exposed vulnerabilities in the electoral rolls that threatened the ruling party’s electoral prospects", triggering what he termed “unfounded outbursts” from the state administration.
On December 16, the Election Commission published the draft electoral rolls after the first phase of the SIR, with the electorate dropping from 7.66 crore to 7.08 crore following the deletion of over 58 lakh names.
The second phase, which began on December 27, involves hearings of 1.67 crore electors under scrutiny, including 1.36 crore flagged for logical discrepancies and 31 lakh whose records lack mapping.
The LoP urged the Election Commission to continue the voter list revision exercise with diligence, asserting that the SIR is a routine constitutional process and should not be politicised.
