In afternoon trading, the Sensex drops more than 600 points, while the Nifty is down at 21,274

In afternoon trading, the Sensex drops more than 600 points, while the Nifty is down at 21,274

After started the day down, the Bombay Stock Exchange (BSE) benchmark Sensex plummeted more than 600 points on Thursday, causing mayhem on Dalal Street.

After dropping by more than 600 points a few minutes earlier, the Sensex was down 588.71 points at 70,471, according to the most recent BSE data as of 12:29 pm.

The IT index dropped 1.5% in afternoon trading, with ten of the thirteen major sectors posting losses.

"In the short run, IT weakness is probably going to continue. The sector's reduced profits growth and weak client spending are expected to continue, according to Aishwarya Dadhich, founder and chief investment officer of Fident Asset Management, who spoke with the News.At least two or three quarters will pass," said Agency Reuters.

The most highly weighted main industry, financial services, had a 1% decline. Since HDFC Bank revealed its poor margins last week, they have dropped 6.2%.

Since then, FII sales of Indian shares totaling Rs 347.66 billion ($4.18 billion) have caused the benchmark Nifty 50 to decline by about 3%.

Exchange data indicates that over those five sessions, domestic institutional investors were net purchasers, purchasing shares valued at Rs 181.29 billion.

Bajaj Auto, a component of the Nifty 50, had a 3.6% increase in individual stocks after exceeding profit projections due to robust domestic demand. Nifty 50 leader Bajaj Auto stayed at the top.