The selling in the oil and gas sector was attributed to the volatility in oil prices. Auto stocks were affected by concerns that elevated crude prices could dampen consumer sentiment and moderate vehicle demand. With crude prices correcting, these may ease, creating room for investors to revisit the sector, market experts said.
Other sectors that saw heavy selling include information technology (IT), which recorded net selling of ₹6,733 crore, and fast-moving consumer goods, which recorded net selling of ₹5,063 crore.
IT stocks have remained under pressure due to fears of artificial intelligence disruption, over uncertainties about traditional outsourcing models and future earnings visibility. FMCG stocks have been affected by concerns over the monsoon, as rural demand is a significant driver of FMCG sales. Delay in monsoon progress and widening rainfall deficit raised worries about farm incomes and discretionary spending in rural India.
