Stock market's 7-day winning streak snapped: Sensex tanks 728 points, Nifty below 23,500

The Indian financial markets snapped their week-long winning streak on Wednesday (March 26). The benchmark indices sank nearly 1 per cent as bears mauled down recent gains.

The 30-share BSE Sensex tanked 0.93 per cent or 728.69 points to 77,288.50.

From the Sensex pack, NTPC, Tech Mahindra, Zomato, Axis Bank, Bajaj Finance, Infosys, Maruti, State Bank of India, Kotak Mahindra Bank, Reliance Industries, Hindustan Unilever, and HDFC Bank were the losers.

IndusInd Bank, HCL Tech, Titan, Mahindra & Mahindra and Power Grid were the gainers.

The broader Nifty 50 index fell 181.80 points or 0.77 per cent to 23,486.85.

IndusInd Bank, Trent, Hero Motocorp, Grasim Industries and Power Grid were the top gainers in this pack. The top laggards were NTPC, Tech Mahindra, Cipla, Axis Bank, and Bajaj Finance.

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All sectoral indices end in red, with only capital goods recording 0.50 percent gain.

Why did markets tank?

According to Ajit Mishra – SVP, Research, Religare Broking Ltd, “Participants are booking profits ahead of the March derivatives contract expiry, while concerns over tariff discussions continue to weigh on sentiment.”

The sectors with higher exposure to the US market, like pharma & IT, have witnessed some selling pressure," Vinod Nair, Head of Research, Geojit Investments Limited, said.

More to come