The Indian stock market comes under selling pressure after a sharp surge in the previous session, with the Nifty 50 slipping below the 23,700 mark.
At the close, the Sensex was down 931.25 points, or 1.20 per cent, at 76,631.65, while the Nifty fell 222.25 points, or 0.93 per cent, to 23,775.10. The Nifty Midcap index added 0.3%, while the Smallcap index ended on a flat note.
Among the sectors, metal, power and pharma stocks gained 0.6-1%, while oil & gas, PSU banks, auto, infra, consumer durables, media, and private banks declined 0.3-2%.
On the Nifty, top gainers included Dr Reddy’s Labs, Hindalco, Bajaj Auto, Bharat Electronics and Max Healthcare, while on the losing side were L&T, Interglobe Aviation, Eternal, Shriram Finance and Jio Financial.
More than 100 stocks touched their 52-week highs on the BSE, including Ather Energy, Hitachi Energy, Honasa Consumer, Anand Rathi, Vardhman Textiles and ABB India, among others.
Financial shares were among the top losers, with the Nifty Bank index falling up to 2 per cent.
HDFC Bank, State Bank of India, Canara Bank and Punjab National Bank were among the major laggards, declining up to 3 per cent.
Shares of oil marketing companies, including Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), declined.
Hindustan Petroleum Corporation fell up to 1 per cent to Rs 362.5 per share on the NSE. Indian Oil Corporation dropped up to 0.77 per cent to Rs 142.24, while Bharat Petroleum Corporation traded on a flat note.
Global markets also turned cautious as oil prices rebounded. The UK’s FTSE 100 fell 0.3%, France’s CAC 40 dropped 0.8%, and Germany’s DAX declined 1.3% in early trade.
In the Asian markets, Japan’s Nikkei fell 0.7%, South Korea’s Kospi declined 1.6%, Hong Kong’s Hang Seng slipped 0.5%, and Shanghai Composite lost 0.7%.