The Indian equity markets closed deep in the red today, with real estate and automobile sectors leading a sharp selloff. Sensex tumbled 458 points or 0.57% to 78,242, while Nifty50 slipped 142 points or 0.59% to 23,754.
Realty emerged as the biggest loser, with the sector index crashing 5.2%. DLF shed 5.8%, Oberoi Realty dropped 4.7%, and Sobha lost 6.1%. High debt levels and softening property prices triggered the rout.
Automakers followed suit, hammered by disappointing sales figures. Maruti Suzuki fell 3.2%, Tata Motors declined 2.9%, and Eicher Motors slipped 3.5%. The Nifty Auto index retreated 2.8%, hit by supply chain disruptions and consumer slowdown.
Midcap and smallcap indices mirrored the frontline decline, with Nifty Midcap 100 down 1.2% and Smallcap 100 off 1.5%. Only the pharma sector bucked the trend, gaining 0.8% led by Sun Pharma and Dr Reddy’s.
FIIs sold ₹2,800 crore worth of equities, extending their three-day outflow streak to ₹8,500 crore. DIIs countered with ₹1,200 crore purchases but couldn’t avert the slide.
Technical charts indicate Nifty testing key support at 23,700. A breach could open doors to 23,500. On the flip side, metal and energy stocks showed resilience. Investors await Q2 earnings season kickoff for fresh direction.