Sensex drops 150 pts, Nifty below 25,250; IT, bank stocks tumble

Indian benchmark indices traded lower on Thursday, weighed down by banking and IT stocks, even as sentiment remained supported by optimism over a potential free-trade agreement with the UK.

At 9:35 am, the BSE Sensex was down 183 points, or 0.22%, at 82,543, while the Nifty50 slipped 35 points, or 0.14%, to 25,184.

Market sentiment was buoyed by hopes that India and the UK will sign the much-awaited FTA during Prime Minister Narendra Modi’s visit to Britain later in the day.

The deal is expected to lower tariffs on goods such as textiles, whisky, and automobiles, while enhancing market access for businesses from both countries.