Indian equity benchmarks witnessed a heavy fall on Thursday, with the Sensex and Nifty dropping over 1% each, weighed by selling index heavyweight Reliance Industries, IT, and banking stocks amid weak global trends.

The Sensex declined 770.48 points or 1.29% to settle at 58,766.59. During the day, it slumped 1,014.5 points or 1.70% to 58,522.57. Similarly, the Nifty plunged 215.50 points, or 1.22% to close at 17,542.80.

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The broader indices ended in green with the BSE Midcap index up by 0.57% and the Small cap index up by 0.48%. The top gaining sectoral indices on the BSE were Telecom up by 2.20%, Realty up by 1.07%, Industrials up by 0.90%, Capital Goods up by 0.70%, and Consumer Disc up by 0.32%, while Energy down by 1.99%, Oil & Gas down by 1.77%, IT down by 1.68%, Metal down by 1.56% and TECK down by 1.41% were the top losing indices on BSE.

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Major laggards from the Sensex pack were Reliance down by 2.99%, TCS down by 2.49%, Sun Pharma down by 2.42%, Tech Mahindra down by 2.15%, Hindustan Unilever down by 1.99%, Infosys down by 1.93%, NTPC down by 1.74%, Tata Steel down by 1.71%, Bajaj Finance down by 1.68% and HDFC down by 1.64%.

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From the Sensex pack, Reliance Industries, Tata Consultancy Services, Sun Pharma, Tech Mahindra, Infosys, NTPC, Hindustan Unilever, HDFC, Power Grid, Bajaj Finance, and ICICI Bank were among the major laggards.

Among the gainers were Bajaj Finserv up by 2.58%, Asian Paints up by 1.63%, Bharti Airtel up by 1.18%, Titan Company up by 0.78%, SBI up by 0.40%, Mahindra & Mahindra up by 0.28% and IndusInd Bank up by 0.25%.

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The rupee depreciated 4 paise to close at 79.56 (provisional) against the US dollar due to a stronger dollar in the global markets and losses in the domestic equity markets.

Asian markets ended almost lower on Thursday. The Shanghai Composite was down by 0.54%, Hang Seng down by 1.79%, the Nikkei 225 down by 1.53%, and the KOSPI Composite down by 2.28%.

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European stock markets were trading in the negative zone during the mid-session deals. The US markets had ended in the red on Wednesday.

Brent crude, the international oil benchmark declined 2% to $93.73 per barrel.

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According to stock exchange data, foreign institutional investors (FIIs) bought shares worth a net Rs 4,165.86 crore on Tuesday.

Markets were closed on Wednesday on account of Ganesh Chaturthi.