Rs 3 lakh crore wiped out! Sensex tumbles 600 points, Nifty below 25,300. Key factors behind market decline

Market Overview - Indian stock markets experienced a significant decline, with the BSE's total market capitalization dropping to approximately Rs 465 lakh crore, erasing over Rs 3.4 lakh crore in investor wealth [11] - The Sensex fell more than 600 points to 81,648, while the Nifty 50 decreased over 200 points to 25,290 [11] Foreign Institutional Investment - Foreign institutional investors (FII) net sold Indian equities worth nearly Rs 3,466 crore, contributing to negative market sentiment [11] - In contrast, domestic institutional investors were net buyers, purchasing shares worth Rs 5,032 crore on Thursday [11] Global Market Influence - The Nasdaq Composite index in the US ended lower, with notable declines in major tech stocks such as Nvidia (down 5%), Alphabet (down nearly 2%), and Amazon (down more than 1%) [4][11] - The overall tech rally in the US failed to maintain momentum, impacting global market sentiment [4] Currency Movement - The Indian rupee slightly dipped against the US dollar, opening at $90.9475, lower than the previous closing level of $90.9050 [7][11] - The rupee was hovering around $90.5 in the afternoon, indicating pressure from elevated dollar demand [7] Technical Analysis - According to Bajaj Broking, the Nifty index had immediate resistance at 25,650, which it has already broken [7][11] - The index is expected to consolidate within the range of 25,350-25,900, with a breakout or breakdown signaling the next trend direction [8][11] - A breach below Tuesday's low of 25,327 could lead to further downside towards the 200-day EMA and the previous gap-up area around 25,100-25,200 [8][11]