Equity benchmarks continued their downward trajectory in Monday afternoon trading, with the BSE Sensex falling 608.76 points or 0.79 per cent to 76,770.15 and the NSE Nifty declining 205.95 points or 0.88 per cent to 23,225.55, following weak opening levels amid persistent selling pressure.

The broader market witnessed deeper cuts, with the Nifty Next 50 dropping 2.52 per cent and the Nifty Midcap Select index falling 2.34 per cent. The market breadth remained significantly negative, with 3,270 stocks declining against 680 advances on the BSE, while 147 remained unchanged.

Banking and financial services stocks showed weakness, with both the Nifty Bank and Nifty Financial Services indices down 0.92 per cent each. However, select private banks bucked the trend, with IndusInd Bank leading the gainers, up 1.55 per cent, followed by Axis Bank rising 1.40 per cent.

Information technology stocks demonstrated relative resilience, with TCS gaining 1.30 per cent and Infosys adding 0.29 per cent. Shriram Finance also managed to stay in the green with a modest gain of 0.36 per cent.

On the flip side, retail major Trent led the losses, plunging 4.65 per cent, while Adani Enterprises declined 3.16 per cent. Healthcare player Apollo Hospitals dropped 3.10 per cent, and IT major Wipro and oil marketing company BPCL both fell 2.36 per cent.

Technical indicators suggested increased bearish sentiment, with 479 stocks hitting their lower circuit, compared to 175 stocks touching the upper circuit. The number of stocks at 52-week lows stood at 391, significantly higher than the 106 stocks reaching their 52-week highs.

The market’s weakness follows concerns over surging crude oil prices and strong US jobs data that dampened hopes for early rate cuts. Foreign institutional investors continued their selling streak and elevated market volatility have added to the cautious sentiment.

Trading activity remained broad-based with 4,097 stocks being traded on the BSE. Market participants are now watching the domestic Consumer Price Index (CPI) data and HCL Technologies’ quarterly results due later in the day for further direction, while the Standard Glass Lining Tech listing is also on investors’ radar.