Market Turmoil: Sensex and Nifty Plunge After Hitting Record Highs

Equity benchmark indices, including the BSE Sensex and NSE Nifty, dropped significantly after hitting record highs in early trade on Wednesday. The Sensex tumbled over 900 points, and the Nifty declined by 291.4 points. Profit-taking and weak global trends contributed to the downturn, with M&M and IT stocks leading the losses.

Equity benchmark indices saw a sharp decline after reaching fresh record highs early Wednesday, as the Sensex plummeted over 900 points, led by Mahindra & Mahindra and IT stocks. Weak global market trends exacerbated the fall.

The BSE Sensex surged by 129.72 points to an all-time high of 80,481.36 during the opening trade but later tumbled 915.88 points to 79,435.76 by late morning. The NSE Nifty also hit a new lifetime high before erasing gains, falling 291.4 points to 24,141.80.

Prominent losers included HCL Technologies, TCS, Tata Steel, and Mahindra & Mahindra, which dropped over 7 per cent. Contrarily, Maruti, Power Grid, Titan, and Adani Ports emerged as gainers. Asian markets showed mixed signals, with Shanghai and Hong Kong lower, and Seoul and Tokyo higher. In the U.S., the markets ended on a mixed note.

(With inputs from agencies.)