Sensex Falls 450 Points, Nifty Below 23,400; PSU Stocks Top Drags

Mumbai: The Indian bull run came to a screech on Thursday as the BSE Sensex plummeted by 410 points or 0.53 per cent to close at 77,167, while the Nifty 50 fell 158 points, or 0.68 per cent, to trade below 23,400.

The downturn was attributed to weak global cues, with markets in the Asia-Pacific region mostly following suit. Japan's Nikkei 225 slipped 0.72 percent, and South Korea's Kospi rose 0.14 percent, defying the regional trend.

Domestically, shares of Adani Group companies were under pressure after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme. The affected stocks, including Adani Energy Solutions, Adani Green, Adani Total Gas, and Adani Power, sank by 13-20 percent.

However, not all PSU stocks suffered losses. Tech Mahindra, TCS, Hindalco, Bharti Airtel, and HDFC Bank witnessed gains due to robust market performance.

The other major sectors that faced the brunt of the downturn included textiles, automobiles, and insurance. Shares of State Bank of India (SBI) fell 2.5 percent as the bank's quarterly earnings disappointed investors.

"Global volatility is affecting Indian markets, which are struggling to maintain their momentum," said a market analyst. "While this is not an unexpected move, caution remains in order."

Meanwhile, global shares also declined on Wednesday due to rising tensions between Russia and the West. The benchmark S&P 500 indices closed flat, while the Dow Jones Industrial Average rose 0.32 percent.

In tech-related news, Nvidia's after-market trading shares slumped by 2.5 percent as the company forecast fourth-quarter revenue that was largely in line with analyst estimates.