Sensex slides 548 points as RBI's rupee rescue fails to lift Dalal Street

The Sensex fell 547.65 points, or 0.76 per cent, to close at 71,924.68 on Monday, while the Nifty 50 declined 157.10 points, or 0.70 per cent, to 22,363.35. Both indices ended near the day's lows after surrendering an early rebound of nearly 350 points.

Selling pressure was concentrated in IT, FMCG and banking stocks, with Tech Mahindra, ITC, L&T, Hindalco and HUL among the biggest losers. Banking stocks were weighed down by the RBI's liquidity-tightening moves, hospital stocks sold off late on a Supreme Court drug-pricing hearing, and Brent crude holding above $105 a barrel kept sentiment fragile. Foreign investors have pulled out ₹44,166 crore in October so far, taking this year's outflows past ₹3 lakh crore.

There were pockets of strength: Dr Reddy's, Bajaj Auto, Bharat Electronics, BSE Ltd and Tata Motors PV ended higher, and smallcaps outperformed with a 1.4 per cent gain. Analysts said the market now needs a decisive trigger — either foreign flows returning or a dovish global cue — to break the selling streak.