The market was overwhelmed by bears today, with Nifty and Sensex closing down as a result of significant falls in the share prices of IT and metal stocks, which have affected the general outlook.

Sensex fell by 581.79 points (0.73%) to 78,886.22, and Nifty dropped 180.50 points (0.74%) to 24,117.00. Of the traded shares, 1,716 advanced, 1,674 declined, and 75 remained unchanged.

The decline followed the RBI’s decision to keep the benchmark repo rate steady at 6.5% and maintain its stance on the ‘withdrawal of accommodation,’ aligning with market expectations.

The RBI kept rates unchanged for the ninth consecutive meeting, with Governor Shaktikanta Das cautioning against complacency due to falling core inflation.

Market sentiment weakened, leading mid-cap and small-cap indices to close 0.4% and 0.2% lower, reversing their earlier gains. The India VIX rose by 2.67% to 16.6.

Nifty IT, Metal, Energy, and Infra indices were at the forefront of declines, all slipping nearly 2%, with IT taking the most severe blow as shares of Infosys, LTIMindtree, and HCLTech fell.

While the Pharma and Healthcare index rose nearly 1% in the morning, it ended the day with most gains erased. Major Nifty losers were LTIMindtree, Grasim Industries, Asian Paints, Power Grid Corp., and Infosys; on the winning side were HDFC Life, Tata Motors, SBI Life Insurance, HDFC Bank, and Cipla.

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