Market Highlights: Sensex Slumps 504 Points, Nifty Drops Below 26,050; ICICI Bank, RIL Among Top Drags

India’s benchmark indices extended their correction on Tuesday, retreating sharply after touching fresh record highs in the previous session. Weak global cues, profit-booking, and persistent foreign investor selling weighed heavily on market sentiment.

The Sensex slipped 504 points, falling to 85,194 at its intraday low, while the Nifty 50 dropped below the 26,050 mark, dragged mainly by banking and heavyweight stocks such as ICICI Bank and Reliance Industries (RIL).

Most Nifty sectoral indices ended in the red, with media, metals, and chemicals posting the steepest declines. In contrast, PSU banks bucked the trend, rallying strongly with Union Bank, Canara Bank, and PNB leading the gains.

The Indian rupee extended Monday’s losses and fell sharply in early trade, hitting a fresh record low of 89.95 per US dollar. Broader market indices also traded lower throughout the session.

Key Market Updates

• Rupee plunges to all-time low of 89.95/$
• Sensex falls over 400 points, slipping from record highs
• Gold prices surge ₹8,500, reclaiming ₹1.3 lakh levels

Global Market Overview

• S&P 500 futures: ↓ 0.1%
• Nasdaq 100 futures: ↓ 0.2%
• Dow Jones futures: ↓ 0.2%
• MSCI Asia Pacific Index: ↑ 0.2%
• MSCI Emerging Markets Index: ↑ 0.3%
• Japan’s Topix: Flat

Top Headlines of the Day

Bullion body launches self-regulatory platform for digital gold

After SEBI’s caution that digital gold lacks regulatory oversight, IBJA introduced a governance and transparency framework, including audits, disclosures, and compliance norms.

Wall Street futures edge up

U.S. markets steadied following their first decline in over a week as investors awaited fresh inflation data. Meanwhile, geopolitical developments remained in focus with U.S. envoys preparing to meet Russian President Vladimir Putin over the Ukraine war.

FTSE 100 rises as UK eases bank capital rules

Financial stocks led gains after the Bank of England relaxed capital requirements. Lloyds, HSBC, Barclays and Standard Chartered all traded higher.

India bonds rally

Government bonds surged after strong demand at state auctions and suspected RBI buying. The benchmark 10-year yield fell nearly 6 bps to 6.5155%.

• HCC announces ₹1,000 crore rights issue
• The construction major approved issuing 79.99 crore rights shares in a 277:630 ratio to raise funds.
• Adani completes ₹231 crore acquisition of Trade Castle Tech Park
• The deal was executed via AdaniConneX, acquiring 100% stake from Shree Naman Developers and Jayesh Shah.
• Hindustan Power signs 130 MW supply deal with Assam’s APDCL
• The company will supply power via its subsidiary MB Power (Madhya Pradesh) Ltd.
• Nestle India receives ₹16 crore GST demand notice
• Government to divest 6% stake in Bank of Maharashtra via OFS
• The move comes after strong investor response on Day 1.
• RBI policy caution weighs on financial stocks

Banks led the sell-off amid expectations of a possible December rate cut. Heavyweights HDFC Bank and ICICI Bank were among the biggest losers.