BSE Sensex Plunges 800+ Points, Nifty Slips Under 26k: Investor Caution Grips Dalal Street
Indian benchmark indices suffered heavy losses today, with the BSE Sensex tumbling over 800 points to an intraday low near 84,900 while the Nifty 50 breached the crucial 26,000 support level amid profit booking and external pressures. Broad-based selling across sectors erased billions in market value as traders braced for the US Federal Reserve’s policy outcome.
Triggers Behind the Selloff
Foreign fund outflows persisted, with FIIs offloading amid elevated valuations and a stronger US dollar, compounded by rising crude prices stoking inflation fears. Domestic political developments and anticipation of Fed rate signals fueled risk aversion, hitting PSUs, midcaps down 1.7-2%, and heavyweights like BEL and SBI hardest.
Asian peers traded mixed, but caution ahead of global events overshadowed India’s robust GDP backdrop, with analysts eyeing support at Nifty 25,800 for potential rebound.
Sector Wipeout and Top Losers
- Realty: Worst hit with 3-4% slide after recent rally.
- PSUs & Midcaps: Bharat Dynamics, Engineers India among top decliners.
- Broad Decline: 46/50 Nifty stocks in red; market cap dips sharply.
Experts advise long-term investors to stay put, viewing the dip as a buying opportunity in quality names despite near-term volatility from overseas cues.
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