The stock market recorded heavy losses today, with S&P BSE Sensex and NSE Nifty50 both. undo early gains to close in negative territory.

The Sensex lost 821 points, or a decline of 1.03 per cent, to end at 78,675, while the Nifty50 fell 258 points, or 1.07 per cent, to close at 23,883. of the market capitalization of BSE-listed companies by Rs 5.76 lakh crore, bringing it down to Rs 436.78 lakh crore.

Key stocks like NTPC, HDFC Bank, Asian Paints, SBI, Tata Motors and Maruti Suzuki were among the biggest drags on the Sensex, with losses of 2-3 per cent. HDFC Bank alone accounted for an impact of 316 points on the index.

Analysts attributed the decline to continued outflows by foreign investors and disappointing quarterly results, particularly in the banking and automobile sectors. Foreign institutional investors (FIIs) have reportedly offloaded Rs 2,306 crore worth of Indian stocks, prolonging their selling spree.

Adding to this downward pressure is a decline in Asian markets, driven by losses in Chinese stocks and technology stocks, as well as a further fall in the Indian rupee, which has reached an all-time low against the US dollar. .

Oil prices, which rose slightly on concerns over Chinese stimulus measures, and retail inflation data also contributed to market jitters.

Inflation in October hit 14-month high and is expected to influence the Reserve Bank of India’s interest rate policy in the coming months, further increasing uncertainty in the market.

Faced with continued foreign capital outflows and looming domestic concerns, investor sentiment remained cautious, awaiting signs of stability in global and domestic economic indicators.

Vinod Nair, head of research at Geojit Financial Services, noted that the selling pressure triggered by FII continued to impact the domestic market.

“The recent strengthening of the dollar, driven by aggressive ‘Trumponomics’, adds to fears. Additionally, the anticipated rise in domestic inflation, due to rising food prices, as well as the depreciation of the INR, could influence RBI’s monetary policy Most sectors were in the red, while IT stocks rose on expectations of increased IT spending in the US,” he said.