Mumbai, Dec 20
The Indian stock market shed more than 1,000 points on Friday amid the global selloff, after the US Federal Reserve hinted at a slow pace of interest rate cuts in the future.
Heavy selling was seen in the realty and PSU bank sectors of Nifty.
At closing, Sensex settled at 78,041.59 down by 1,176.46 points, or 1.49 per cent, and Nifty ended at 23,587.50 down by 364.20 points, or 1.52 per cent.
According to Krishna Appala of Capitalmind Research, the markets are becoming increasingly stock-specific while the broader indices take a pause.
"Several key events are influencing the current sentiment, including the upcoming US Presidential regime change with Donald Trump set to take office in January, and the Indian Union Budget announcement just weeks away," Appala added.
Nifty Bank ended at 50,759.20, down by 816.50 points, or 1.58 per cent. The Nifty Midcap 100 index closed at 56,906.75 at the end of trading after dropping 1,649.50 points, or 2.82 per cent.
On the sectoral front, selling was seen in Nifty's Auto, IT, Fin Services, Pharma, FMCG, Metal, Media, Energy, Private Bank, Infra, Commodities, and PSE sectors.