The stock market on Thursday tumbled sharply by over 3% amid a spike in crude oil prices and weak global cues after its three-day rally.
At close, Sensex tanked 2,496.89 points or 3.26 per cent to settle at 74,207.24 while Nifty tumbled 775.65 points or 3.26 per cent to end at 23,002.15. Sensex recorded its biggest single-day plunge since June 2024.
On Nifty, the key gainers were Oil & Natural Gas Corporation, Reliance Industries and Coal India, while on the losing end were HDFC Bank, ETERNAL and Shriram Finance.
Among sectors, all major indices traded in the red. Financial and banking stocks declined around 3 per cent, led by heavy selling in HDFC Bank. The auto index dropped 4 per cent, while Realty, Consumer Durables, IT, and Private Bank declined over 3 per cent.
In the broader markets, the Nifty Smallcap100 and Nifty Midcap100 indices fell about 2 per cent each. About 885 shares advanced, 2,549 declined, while 146 remained unchanged.
In the banking space, IDBI Bank tanked 6%, Bajaj Finance and HDFC Bank each declined over 5.3%. Further, the food delivery players like Swiggy and Eternal also slipped 4.65% and 5.38%, respectively.
OMC stocks also witnessed a decline in their share prices. Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) lost in the range of 4 to 7%.
Adani Total Gas shares surged 8% while Oil and Natural Gas Corporation (ONGC) and Oil India rallied over 1.5%.
After Qatar reported damage following an Iranian missile strike at Ras Laffan, Petronet LNG and GAIL (India) shares fell up to 4 per cent.
Shares of Petronet LNG declined as much as 5.85 per cent, while those of GAIL (India) slipped 3.15 per cent.