Market Closing: The Sensex drops 1,159 points, the Nifty fallen below 17,900.

On Thursday, the Sensex fell 1,159 points after an all-out selloff as monthly derivatives expired amid a weakening trend in global markets. To close at 59,984.70, the 30-stock index fell 1,158.63 points, or 1.89 percent. In a similar vein, the NSE Nifty fell 353.70 points, or 1.94 percent, to 17,857.25. Sensex plunges 1,159 points; Nifty slumps below 17,900.

ITC was the Sensex's biggest loser, falling more than 5 percent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI, and HDFC Bank. IndusInd Bank, L&T, UltraTech Cement, and Asian Paints, on the other hand, were among the gainers. All major sectoral indices dropped sharply, with the Nifty PSU Bank falling more than 4 percent. The unwinding of long positions, particularly in financials, on F&O expiry, which had seen a sharp rally in recent months, were the primary causes of the sharp market correction, in addition to weak global cues.

In other parts of Asia, bourses in Shanghai, Hong Kong, Seoul, and Tokyo all ended the day in the red. In mid-session deals, European stock exchanges were also trading in the red. Meanwhile, Brent crude, the international oil benchmark, fell 1.11 percent to USD82.94 per barrel.

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