The Indian stock market experienced a major downturn, with the Sensex dropping over 700 points and the Nifty 50 falling below 23,250 due to unfavorable global signals. Investors lost around ₹5 lakh crore in just five minutes.

BSE Sensex and Nifty50, the Indian equity benchmark indices, tanked in trade on Monday morning. While BSE Sensex went below 77,000, Nifty50 was near 23,250. At 9:20 AM, BSE Sensex was trading at 76,843.

Market experts believe that while the budget had some positive aspects, certain key areas did not meet expectations.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,365 level, a discount of nearly 190 points from the Nifty futures’ previous close.

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The 30-share BSE benchmark Sensex jumped 740.76 points or 0.97 per cent to close at 77,500.57. The NSE Nifty opened in the green and surged 258.90 points or 1.11 per cent to end at 23,508.40.​​

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,438 level, a premium of nearly 20 points from the Nifty futures’ previous close.

Emkay Global said another round of dollar appreciation looks likely, which would hurt equities and the currency, making the February 2025 rate cut much more difficult.