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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SC to hear plea on air pollution crisis in Delhi-NCR on Dec 17
New Delhi (PTI): The Supreme Court on Monday said it will list for hearing on December 17 a plea related to worsening air pollution levels in Delhi-NCR.
A bench comprising Chief Justice Surya Kant and justices Joymalya Bagchi and Vipul M Pamcholi took note of the submissions of senior advocate Aprajita Singh, who is assisting it as an amicus curiae, that though the preventive measures are there in place but the key issue was of their poor implementation by the authorities.
Singh said till this court directs something, the authorities do not comply with the protocols which are already there.
“This is coming up before a three judges bench on Wednesday. It will come up,” the CJI said.
Another lawyer referred to an application relating to the health issue of children, and said schools, despite the earlier orders, are holding outdoor sports activities.
“Despite the order of this court, Schools have found ways and means to have these sporting activities.. it is taking place. The CAQM (Commission for Air Quality Management) is again citing the order of this court,” the amicus also said.
“We know the problem and let us pass orders which can be complied with. There are some directions which can be forcibly imposed. In these urban metropolitan cities people have their own lifestyle. But the poor…,” the CJI said.
The amicus said the poor labourers are the worst ones to suffer.
Earlier the bench had said the plea against air pollution cannot be treated as a "customary" case to be listed only during the winter months only.
It had said the case will be taken twice in a month to find out short and long-term solutions to the menace.
Delhi on Monday choked under a thick blanket of smog, with the Air Quality Index (AQI) settling at 498, which falls in the higher spectrum of 'severe' category.
The air quality was 'severe' at 38 stations while it was 'very poor' at two stations. Jahangirpuri, which recorded an AQI of 498, recorded the worst air quality amongst all 40 stations.
According to the Central Pollution Control Board, an AQI between 0 and 50 is considered 'good', 51 to 100 'satisfactory', 101 to 200 'moderate', 201 to 300 'poor', 301 to 400 'very poor', and 401 to 500 'severe'.
The AQI in Delhi had climbed to 461 on Sunday and marked the city's most polluted day this winter and the second-worst December air quality day on record, as weak winds and low temperatures trapped pollutants close to the surface.
