Indian equity markets witnessed a significant decline on Thursday, with the Sensex and Nifty both falling by over 1%. The Sensex dropped by 1,208 points, or 1.51%, to reach 79,025, while the Nifty settled at 23,916 after a decline of 358 points.

This decline was primarily driven by a selloff in IT and auto stocks, which was further compounded by global economic concerns. Traders observed that the sharp decline seemed to be linked to a rapid unwinding of trades ahead of the derivatives expiry. Investors are feeling nervous as they await key economic data, including GDP figures set to be released on Friday and the US Federal Reserve minutes expected later today. Market participants are closely monitoring these developments for potential impacts on market sentiment.

Market participants are closely monitoring these developments for potential impacts on market sentiment. The decline in the equity markets was also influenced by a selloff in IT and auto stocks, which was further compounded by global economic concerns. Traders noted that the sharp decline appeared to be connected to a rapid unwinding of trades prior to the derivatives expiry. Investors are anxiously awaiting key economic data, such as the upcoming release of GDP figures and the expected release of the US Federal Reserve minutes. These factors are being closely watched for any potential effects on market sentiment.