A sharp turnaround on Dalal Street saw benchmark indices crashing after hitting record highs in early trade. The downturn has been attributed to traders booking profits against the backdrop of the recent rally.
The S&P BSE Sensex fell sharply by 1,052.10 points to 70,385.09, while the NSE Nifty 50 declined 346.70 points to settle at 21,106.40. The domestic-focused broader market indices witnessed a bigger decline, with midcaps and smallcaps falling over 3.5 per cent.
All the Nifty sectoral indices declined sharply, reversing gains witnessed in early trade. Nifty Media and Nifty Metal fell sharply by over 4 per cent, while major sectoral indices such as Nifty IT, Nifty Bank, Nifty Financial Services fell sharply by 2.01 per cent, 1.35 per cent and 1.53 per cent respectively.
The top five gainers on the Nifty 50 were ONGC, Tata Consumer Products, Britannia, Cipla and HUL. On the other hand, the top losers were Adani Ports, Adani Enterprises, Tata Steel, UPL and Coal India.
Adani Ports fell over 6 per cent, while the flagship Adani Enterprises declined over 5.6 per cent; both were the top losers on the Nifty 50.
The sharp downturn has been attributed to heavy profit booking by traders looking to cash in on the stellar run seen on Dalal Street over the past few trading sessions.