•Indian stock market witnessed a sharp decline, with Sensex falling 1,097 points to 78,919 and Nifty down 315 points to 24,450, wiping out Rs 3 lakh crore.
•Banking stocks, including HDFC Bank, ICICI Bank, and Axis Bank, led the fall; Nifty Bank recorded its biggest single-day drop since April 2025.
•Key reasons for the market turmoil include rising West Asia tensions, surging crude oil prices, weak global cues, and continuous FII selling.
•Pressure on banking stocks due to inflation fears and potential delay in interest rate cuts also contributed to the widespread decline.
•Amidst the weakness, the defense sector showed resilience, with DCX Systems and Mazagon Dock shares seeing significant gains.
