Domestic stock markets faced selling pressure on Thursday due to declines in tech heavyweight stocks, a lack of major global cues, and weak performance in Asian markets.

The Sensex dropped by 1,190.34 points, closing at 79,043.74, while the Nifty fell by 360.75 points to settle at 23,914.15. Both major indices recorded losses of over 1% during the day’s trading session.

The downturn is attributed to a combination of domestic and international factors. Tech-heavy stocks led the decline, while the absence of strong global cues contributed to investor anxiety. The US stock market remained closed for the Thanksgiving holiday, leaving a void in international market activity. Moreover, concerns over US President-elect Donald Trump’s economic policies, particularly the uncertainty surrounding US interest rates, have added to investor unease.

Market experts attributed the decline in investor sentiment to several factors, including selling by foreign institutional investors (FIIs), a strengthening US dollar, and ongoing geopolitical tensions.

Vinnaayak Mehta, founder of The Infinity Group, said that domestic indices are also under pressure due to a lack of significant international cues and the uncertainty surrounding the upcoming Union Budget 2025. Additionally, weak performances in Asian markets have further dampened sentiment.

Among sectoral indices, banking, auto, IT, financial services, and FMCG sectors saw declines. Key stocks like SBI Life Insurance, Mahindra & Mahindra, Infosys, and Bajaj Finance also experienced losses. However, media and PSU bank stocks displayed some resilience, trading in positive territory.