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    Market Sell-off Drags Indices Lower; Kaynes Tech, IndiGo, Reliance Power Among Major Losers

    1 month ago

    The Indian stock market saw sharp, broad-based declines on December 8, with the Nifty 50 sliding 1% to end at 25,934 and the Sensex closing 0.87% lower at 84,967. Midcap and small-cap indices suffered deeper cuts, falling 1.8% and 2.54% respectively, as traders booked profits a day after the RBI reduced the benchmark rate by 25 basis points.

    Realty stocks led the fall, with all components of the Nifty Realty index ending in the red, pulling the index down 3.51%—its steepest single-day drop since July 2025. The Nifty PSU Bank index also slipped nearly 3%, adding to losses recorded earlier in the month.

    Foreign portfolio investors continued their selling spree, withdrawing ₹11,820 crore from the cash market in the first week of December. The sharp depreciation of the rupee and uncertainty over a potential trade agreement with the U.S. further dampened sentiment among overseas investors.

    In stock-specific movements, Kaynes Technology tumbled 12% to ₹3,837, its lowest level since April 2025. IndiGo slid 8.7% to ₹4,901 after brokerage downgrades amid ongoing operational disruptions. Honasa Consumer, Engineers India, Godrej Properties, Poonawalla Fincorp, Mazagon Dock, BEL and PNB were among other notable laggards, registering losses of up to 5%.

    Reliance Power and Reliance Infrastructure both dropped 5% after the Enforcement Directorate filed a chargesheet in a money-laundering case. Vodafone Idea declined 5% to ₹10.30, snapping a four-day rally, while Ola Electric extended its losing streak to seven sessions, slipping another 4% to an all-time low of ₹34.10, marking a 52% fall in three months.

     
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