The Indian stock market saw a decline at the close of trading, with the Nifty ending below the 24,600 level. The benchmark index, Nifty 50, fell by 0.35% to close at 24,583.95. The market witnessed a broad-based sell-off, with most sectors, including IT, auto, and banking, witnessing significant declines.
Reliance Industries and Larsen & Toubro (L&T) were among the top decliners, with both stocks falling by over 1.5%. Other blue-chip stocks like Tata Consultancy Services, Infosys, and ICICI Bank also saw significant losses.
The broader market indices, such as the Nifty Midcap 100 and Nifty Smallcap 100, fell by 0.75% and 1.35%, respectively. The fall in the market was largely attributed to profit-booking and a lack of major positive triggers.
In the currency market, the Indian rupee weakened against the US dollar, closing at 74.47 compared to the previous close of 74.38. The yield on the 10-year government bond also rose to 6.55%, indicating a cautious market sentiment.