The Nifty 50 index has also closed below its 200-Day Moving Average (DMA) post this fall.

On Thursday, foreign investors were net sellers in the domestic market for the fourth consecutive session. They net offloaded ₹2.25-billion worth of equities, according to data on the National Stock Exchange, BSE, and the Metropolitan Stock Exchange of India.

Expensive valuations, coupled with the anticipation of a slower pace in interest rate cuts by the US Fed, have been denting the sentiment in the market. However, experts are betting on a pick-up in the government’s capital expenditure cycle, which is seen gaining traction in the remaining part of the financial year.