The Indian stock market came under heavy selling pressure on September 8, with benchmark indices ending sharply lower amid broad-based weakness across key sectors. The banking, information technology (IT) and automobile sectors were among the major drags on market sentiment.

The BSE Sensex declined 555.23 points, or around 0.73%, to settle at 75,577.58. Meanwhile, the NSE Nifty 50 fell 144.05 points to close at 23,635.10, slipping below the crucial 23,650 support level.

The session remained volatile as investors faced sustained selling pressure across several heavyweight stocks. Market breadth also reflected the bearish sentiment, with 2,174 stocks declining, compared with 2,025 stocks advancing, while 178 stocks remained unchanged.

BEL Leads Gainers

Despite the broader market downturn, several stocks managed to attract buying interest. Bharat Electronics Ltd (BEL) emerged as the top gainer among the key stocks, rising 1.62% to close at ₹410.55.

Other notable gainers included Hindustan Unilever, which advanced 1.02%, while Eicher Motors and ONGC each gained 0.98%. Adani Ports rose 0.93%, and Apollo Hospitals added 0.88%.

The relative strength in these counters provided some support to the market, although it was not enough to offset losses in several heavyweight constituents.

Banking and Large-Cap Stocks Drag Market

Selling was particularly visible across major banking and large-cap stocks. Axis Bank was among the biggest losers, declining 1.67%, while UltraTech Cement fell 1.49%.

Larsen & Toubro (L&T) dropped 1.32%, while Reliance Industries declined 1.11%. HDFC Bank lost 1.06%, adding to the pressure on the benchmark indices.

Other notable laggards included Maruti Suzuki, down 0.93%, and Tata Steel, which slipped 0.79%.

Market Ends Lower After Volatile Session

The sharp decline in the Sensex and Nifty reflects the extent of selling pressure that emerged during the session. Weakness in banking, IT and auto stocks weighed on investor sentiment, while losses in several heavyweight companies amplified the decline in the benchmark indices.

With the Nifty closing below the 23,650 level, market participants are likely to closely watch the index’s movement in subsequent sessions for signs of further weakness or a potential recovery.

Key closing figures:

Sensex: 75,577.58, down 555.23 points
Nifty 50: 23,635.10, down 144.05 points
Advancing stocks: 2,025
Declining stocks: 2,174
Unchanged stocks: 178
Top gainer: Bharat Electronics (+1.62%)
Top loser: Axis Bank (-1.67%)