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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Standing firmly with armed forces; time for unity, solidarity: Congress
New Delhi(PTI): This is a time for unity and solidarity and the Congress is standing firmly with the armed forces, the party said on Wednesday as Indian armed forces carried out missile strikes on terror targets in Pakistan and Pakistan-Occupied Kashmir.
Congress general secretary in-charge communications Jairam Ramesh said India's commitment to eliminating all sources of terrorism in Pakistan and PoK has necessarily to be uncompromising and always be anchored in the supreme national interest.
"This is a time for unity and solidarity. Right from the night of April 22nd, the Congress has been categorically stating that the government will have our fullest support in the nation's response to the Pahalgam terror attack," he said.
"The Congress is standing firmly with our armed forces," Ramesh said on X, using the hashtag "Operation Sindoor".
In retaliation for the Pahalgam terror attack, Indian armed forces carried out missile strikes early Wednesday on nine terror targets in Pakistan and Pakistan-Occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base Muridke.
The military strikes were carried out under Operation Sindoor two weeks after the massacre of 26 civilians in Jammu and Kashmir's Pahalgam.
"A little while ago, the Indian armed forces launched 'Operation Sindoor' hitting terrorist infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir from where terrorist attacks against India have been planned and directed," the defence ministry said in a statement at 1.44 am.
It said the actions by the Indian armed forces have been "focused, measured and non-escalatory" in nature and that no Pakistani military facilities have been targeted.
"प्रहाराय सन्निहिताः, जयाय प्रशिक्षिताः"
— ADG PI - INDIAN ARMY (@adgpi) May 6, 2025
Ready to Strike, Trained to Win.#IndianArmy pic.twitter.com/M9CA9dv1Xx
