Sensex Drops 600 Points; IT, HDFC Bank, RIL Lead Declines

Mumbai – The Sensex closed more than 600 points lower on Monday, dragged by information technology stocks, HDFC Bank and Reliance Industries. The Nifty50 ended above the 24,000 level after earlier gains faded.

The selloff followed a session where the benchmark indices had rallied but later met resistance from institutional selling. Monday's drop erased those gains and pushed the Sensex back toward recent lows.

HDFC Bank, one of the heaviest weights on the index, fell sharply. The stock has been volatile near its 52-week high. Reliance Industries also declined, adding to the pressure on the energy and telecom-heavy Nifty.

IT stocks were the hardest hit. The broader market saw selling across sectors, with a majority of Nifty constituents closing in the red.

The decline comes ahead of the Federal Reserve's two-day policy meeting that begins Tuesday. A rate decision is due Wednesday. Emerging-market equities often react to shifts in US rate expectations.

The Nifty50 held above 24,000 intraday, a level that has acted as support in recent sessions.