The Indian stock market on Monday extended its losses for the second consecutive session, with the Sensex slipping over 250 points and the Nifty falling below the 25,000 mark.

Broader markets, however, continued to outperform, with midcap and smallcap indices exhibiting strength.

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The Sensex closed 271 points, or 0.33%, lower at 82,059.42, while the Nifty 50 settled at 24,944.45, down 75 points, or 0.30%. The Nifty’s fall below the 25,000 level was accompanied by a nearly 5% jump in the volatility index, India VIX, indicating cautious investor sentiment.

Mid- and small-cap stocks continued their outperformance. The BSE Midcap and Smallcap indices rose by 0.27% and 0.75%, respectively.

Among sectoral indices, Nifty Realty jumped 2.26%, while Nifty IT fell 1.30%. The Media and Oil & Gas indices declined by 0.59% and 0.36%, respectively.

The Nifty Bank and Financial Services indices rose 0.12% and 0.13%, respectively, while the PSU Bank index climbed 1.46%.

On the Nifty 50, top gainers included Bajaj Auto (up 4.10%), Shriram Finance (1.85%), and Power Grid Corporation of India (1.35%). However, 34 stocks closed in the red, including Eicher Motors (down 3.06%), Grasim Industries (2.90%), and Infosys (2%).

Real estate stocks have seen a significant surge in recent days, defying overall market volatility. In contrast, defence stocks tumbled following a record rally, as investors booked profits amid elevated valuations and sustained buying.

IT stocks also declined after credit rating agency Moody’s downgraded the U.S. sovereign rating from Aaa (the highest rating) to Aa1.

Vodafone Idea shares fell over 8% to close at ₹6.75 apiece after the Supreme Court dismissed the pleas of telecom majors Vodafone Idea, Airtel, and Tata Teleservices seeking a waiver of adjusted gross revenue (AGR) dues.

In global markets, European stocks closed higher. The Stoxx 600 gained 1.1% provisionally, with mining stocks rallying around 5%. The U.K.’s FTSE 100 rose 0.6%, France’s CAC 40 was up 1.4%, and Germany’s DAX posted a 0.2% gain.

Among Asian markets, Hong Kong’s Hang Seng dropped 0.6%, Tokyo’s Nikkei 225 declined 0.4%, and Shanghai’s Composite fell 0.2% in the last trading session.