Markets continued to decline for the seventh consecutive session during Thursday’s midday trading, with the Sensex falling by 319.88 points, or 0.39 percent, to reach 80,839.80, while the Nifty 50 dropped 106.60 points, or 0.43 percent, settling at 24,784.25.
The downward trend persisted from Wednesday, when both indices closed lower by over 0.40 percent each, extending the losing streak that originated last week. Foreign institutional investors sustained their selling trend, having sold equities totaling ₹4,995 crore on September 25, contributing to a monthly outflow of ₹24,454 crore.
Pharmaceutical stocks came under significant pressure following the Trump administration’s decision to impose 100 percent tariffs on branded pharmaceutical imports starting October 1. Sun Pharma was the largest loser on the Nifty 50, declining 2.91 percent to ₹1,580.00 from its previous close of ₹1,627.40.
The information technology sector also experienced substantial selling amid concerns regarding steep increases in H-1B visa fees. Wipro fell by 2.04 percent to ₹237.07, and Tech Mahindra decreased by 2.01 percent to ₹1,415.30, reflecting investor anxiety over potential policy changes impacting Indian IT companies’ operations in the United States.
Banking stocks contributed to the overall market decline, with IndusInd Bank dropping by 2.73 percent to ₹720.50. The Nifty Bank index fell by 370.25 points, or 0.67 percent, to 54,605.75, remaining under pressure below the 55,000 mark.
In contrast, Mahindra & Mahindra bucked the trend in the auto sector, declining 2.68 percent to ₹3,435.50, while other automotive stocks performed better. Automotive stocks provided key support to the markets, with Larsen & Toubro leading the gains, increasing by 3.46 percent to ₹3,770.40. Tata Motors rose 2.09 percent to ₹678.20, and Eicher Motors gained 1.40 percent to ₹7,083.50. Hero MotoCorp saw a 1.03 percent increase to ₹5,409.50, reflecting positive sentiment in the two-wheeler segment.
ITC also added to the gainers’ list, climbing 1.30 percent to ₹405.30, offering some support to the FMCG sector.
Market breadth remained weak, with 2,920 stocks declining against 1,047 stocks advancing on the BSE. The volatility index, India VIX, remained elevated, indicating ongoing uncertainty among market participants.
Broader market indices lagged behind the benchmarks, with the Nifty Midcap 100 decreasing by 1.28 percent to 56,839.20, and the Nifty Next 50 falling by 1.06 percent to 67,567.25. The Nifty Financial Services index dropped 0.57 percent to 26,097.60.
A total of 4,131 stocks were traded on the BSE, with 109 stocks hitting 52-week highs and 124 reaching 52-week lows. Additionally, 151 stocks were locked in the upper circuit, while 165 hit the lower circuit.