Sensex tumbles over 500 points, Nifty ends above 23,000 mark

Indian benchmark indices closed on a negative note on Thursday, coinciding with the monthly Sensex expiry, with volatility remaining elevated throughout the session and India VIX witnessing a notable surge.

At close, the Sensex was down 582.86 points or 0.75 per cent at 76,913.50, and the Nifty declined 180.10 points or 0.74 percent to settle at 23,997.55.

Persistent selling from the FII desk and higher crude prices continued to weigh on market sentiment. Nifty started the session on a negative note and formed an intraday low of 23,797 in the mid-session. However, index recovered 200 points in the second half to close around the 24,000 levels.

On the sectoral front, most indices traded with a negative bias. Major laggards included Nifty Metal, PSU Banks, Realty, and FMCG, all of which remained under corrective pressure. However, pockets of resilience were observed in Nifty IT and Pharma, which showed relative strength, as per Bajaj Broking Market Commentary.

Index on expected lines is witnessing consolidation in the broad range of 23,600-24,400 amid stock specific action as we progress through the quarterly earning session.