On Thursday, Nifty 50 fell 2.12% to 25,250.10, its worst fall in two months. Only two stocks ended in the black while 48 stocks ended in negative territory.

Gainers

JSW Steel was leading the pack with a 1.15% increase from its last close. The stock is currently trading at ₹1039.10, up from ₹1027.30. JSW Steel gained after brokerages shared bullish outlook on the stock due to strong domestic demand and China stimulus.

Oil and Natural Gas Corporation Ltd (ONGC) was the only other gainer as it showed a slight increase of 0.03%, closing at ₹292.05.

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Losers

On the flip side, Bharat Petroleum Corporation Ltd has seen the biggest loss, with a 5.27% decrease in its stock price, dropping to ₹348.85 from its last close of ₹368.25.

Shriram Finance and Larsen & Toubro Ltd followed, with their stock prices falling by 4.51% and 4.27% respectively.

Axis Bank and Tata Motors were the other stocks that saw huge losses. Technical analysts said that Tata Motors could sink to ₹880 level from its current position.

Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic market took a sharp downturn following Iran's launch of ballistic missiles at Israel, sparking fears of retaliation and escalation in war. This could potentially drive-up oil prices and lead to inflationary pressures. Additionally, new SEBI regulations for the F&O segment have raised concerns about reduced trading volumes in the broader market. Lastly, with attractive valuations in China, FIIs have redirected their funds, adding pressure on Indian stocks.”

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