Indian markets faced heavy selling as Sensex dropped more than 500 points and Nifty slipped nearly 200 points. The fall mirrored a global rout in technology shares after South Korea’s KOSPI index plunged ten percent, forcing a brief trading halt. Investors turned cautious as weakness spread across metals and information technology counters while a stronger United States dollar added further pressure.
Vedanta shares fell after a large block deal worth over two thousand crore rupees. Infosys and Tata Consultancy Services lost about three percent each, dragging the IT index lower. The dollar index crossed 101, raising costs for metal imports and hurting sentiment. Pharma stocks were the only gainers while all other sectoral indices ended in red.
Global cues remained weak. Samsung Electronics and SK Hynix dropped more than twelve percent following reports of slowing chip demand. United States futures also slipped sharply with Nasdaq down nearly seven hundred points, Standard and Poor’s 500 off one hundred points and Dow Jones lower by three hundred sixty points.
Domestic factors added to volatility. The Infosys annual meeting drew attention to the IT sector. Weekly options expiry on the National Stock Exchange increased nervousness. Analysts see support for Nifty around 23800 to 23900 while resistance lies near 24200.