Manic Monday at Indian stock market: Sensex, Nifty bleed - ₹3.6 lakh cr gone in 6 hours | What went wrong? Big reasons

What happened: Indian stocks fell sharply on 19 October, with the Nifty 50 dropping below 23,000 and the Sensex closing lower, as weak earnings from large private banks, elevated crude oil prices, and weak global cues drove profit booking. Key numbers: Nifty 50 fell 1.11% to 22,888. Sensex fell 1.17% to 73,852. Why it matters: HDFC Bank, ICICI Bank, and Axis Bank accounted for more than half of the Sensex decline, per Ponmudi R of Enrich Money. Analysts cited margin pressure and weaker treasury income despite headline profit growth, while IT stocks saw profit booking after a sharp rally.

Indian stocks fell sharply on 19 October, with the Nifty 50 dropping below 23,000 and the Sensex closing lower, as weak earnings from large private banks, elevated crude oil prices, and weak global cues drove profit booking.

HDFC Bank, ICICI Bank, and Axis Bank accounted for more than half of the Sensex decline, per Ponmudi R of Enrich Money. Analysts cited margin pressure and weaker treasury income despite headline profit growth, while IT stocks saw profit booking after a sharp rally.