Benchmark Indian indices wrapped up a volatile session on a subdued note, pressured by intense selling in property and vehicle stocks. Sensex closed 445 points weaker at 78,255, with Nifty settling 135 points down at 23,761.
Realty stocks triggered the downturn, as investor appetite waned for high-flying names. DLF dropped 6.2%, Phoenix Mills shed 4.9%, and Lodha Developers fell 5.4%. Concerns over inventory pile-up and borrowing costs rose.
Auto manufacturers struggled amid reports of tepid demand. Ashok Leyland declined 3.9%, TVS Motor lost 3.3%, and Apollo Tyres slipped 2.8%. Rising fuel prices and urban mobility shifts added to woes.
Sectoral indices painted a grim picture: Realty -4.8%, Auto -2.5%, Metals -1.8%. IT and Bank Nifty limited losses to under 0.5%.
Turnover remained robust at ₹14,500 crore on NSE, but sentiment soured with FII outflows hitting ₹2,700 crore. DII buying at ₹1,500 crore provided a floor.
From a big-picture view, markets digested strong GDP numbers but fretted over inflation trajectory. Upcoming corporate results from IT majors could dictate next moves. Stay tuned for global handovers from Europe and US.