Heavy profit-taking in realty and auto segments overshadowed gains elsewhere, pulling Indian stock benchmarks lower at close. The BSE Sensex surrendered 452 points to end at 78,248, and NSE Nifty eased 138 points to 23,758.
What started as a flat open turned sour by midday as realty heavyweights crumbled. Prestige Estates plunged 5.9%, Godrej Properties lost 4.8%, and Brigade Enterprises declined 5.2%. Overbought conditions and regulatory overhang fueled the correction.
The auto space mirrored the weakness, with M&M down 3.8%, Bajaj Auto off 2.7%, and Hero MotoCorp slipping 3.1%. Festive sales missing expectations dampened sentiment further.
Broader markets felt the heat too, though FMCG and pharma offered mild resistance. Top gainers included ITC and Nestle India, up 1-2%. Losers dominated with 2,100 scrips in red versus 1,400 in green.
Data showed FIIs dumping ₹2,650 crore, preferring safer US treasuries amid rate cut buzz. Rupee weakened to 84.15 against dollar, adding to headwinds.
Analysts view this as a technical pause in the uptrend. RSI readings flashing overbought earlier signaled the breather. Key levels to watch: Nifty resistance at 24,000, support at 23,600. Global markets mixed with Nasdaq hitting records but Asia subdued.