Indian equity markets witnessed a sharp sell-off on Friday, with benchmark indices closing deep in the red amid broad-based weakness across sectors. The BSE Sensex plunged over 900 points or 1.17% to 76,758.20, while the NSE Nifty 50 slipped 253.80 points or 1.05% to 23,919.25, breaking below the key 24,000 mark during intraday trade.
The decline was led primarily by heavyweights in the IT and pharmaceutical sectors. Major IT stocks such as Infosys, TCS, and HCLTech came under strong selling pressure, weighing heavily on index performance. Infosys alone fell as much as 3.7% after its FY27 guidance dampened investor sentiment, raising concerns over near-term growth visibility in the IT space.
Pharma stocks also remained under pressure, with Cipla witnessing a sharp decline after reports that its partner unit Pharmathen’s Rodopi facility in Greece was placed under an import alert by the USFDA. Dr Reddy’s Laboratories also featured among the top losers, adding to the sector-wide weakness.
Broader market sentiment was further impacted by global cues. Asian markets traded lower as investors turned cautious despite geopolitical developments, including an extension of the Israel-Lebanon ceasefire by three weeks following discussions involving US officials and President Donald Trump. However, lingering uncertainty in global energy markets kept risk appetite subdued.
Crude oil prices extended their rally for a fifth consecutive session, marking the strongest weekly gain since January. Brent crude for June settlement rose 1.1% to $106.20 per barrel, while West Texas Intermediate (WTI) climbed 0.96% to $96.77. Rising oil prices, driven by concerns over potential supply disruptions in the Persian Gulf amid stalled US-Iran negotiations, added further inflationary worries for global markets.
In the broader market, Reliance Industries also traded lower at ₹1,328.05, down ₹15.05 or 1.12%. The stock touched an intraday high of ₹1,345.40 and a low of ₹1,327. Trading volumes stood at 2,85,609 shares, significantly below its five-day average of 12,19,083 shares, indicating reduced participation during the session.
In the previous session, Reliance had already declined 1.45% to close at ₹1,343.10. The stock remains about 17.57% below its 52-week high of ₹1,611.20 and 3.11% above its 52-week low of ₹1,288.00. The company’s current market capitalization stands at ₹17.97 lakh crore.
Overall, persistent selling pressure across heavyweight stocks, combined with weak global cues and rising crude oil prices, kept Indian markets under stress, with all major sectoral indices ending in the red.