MUMBAI — Indian stock markets tumbled under relentless selling pressure Thursday, with the BSE Sensex shedding as much as 714.48 points, or 0.85%, to hit an intraday low of 83,020 in the first three hours of trade. The benchmark index mirrored broader weakness across sectors, as the NSE Nifty dropped nearly 222 points to 25,597.

Banking heavyweights led the rout. Reliance Industries, ICICI Bank, State Bank of India and HDFC Bank posted sharp declines, fueling the downturn in financials. Realty, auto, FMCG and consumer durables sectors also buckled, according to market data.

The sell-off erased over ₹3 lakh crore from investor portfolios. Total market capitalization of BSE-listed firms shrank to ₹468.46 lakh crore by midday, reflecting the scale of the losses.

Midcap and smallcap indices followed suit. The Nifty Midcap 100 fell 0.88%, while the Nifty Smallcap 100 dipped 0.5%. Trading breadth stayed firmly negative, with 2,413 stocks declining against 1,471 advances. Another 204 shares ended unchanged.

Weakness spread to individual counters. As many as 92 stocks touched 52-week lows, outpacing the 105 that hit fresh yearly highs. Traders pointed to profit-booking after recent gains and caution ahead of global cues as key drivers.

Volume picked up amid the volatility. The BSE’s total turnover climbed in early sessions, though analysts watched for signs of capitulation. Sectoral indices told a similar story: the Nifty Bank index dropped over 1%, while realty plunged 1.5%.

Market participants eyed upcoming earnings and U.S. Federal Reserve signals for direction. Heavyweights like Reliance Industries fell 1.2%, ICICI Bank lost 1.5%, SBI declined 1.8% and HDFC Bank slipped 1.1%, per exchange records.

Foreign institutional investors turned net sellers earlier in the week, offloading shares worth ₹1,200 crore on Wednesday, exchange data showed. Domestic funds provided some support but couldn’t stem the tide.

By late morning, the Sensex hovered around 83,200, down 535 points from the previous close of 83,755. The Nifty traded near 25,650, off 170 points from its open. Recovery attempts faltered as selling persisted across the board.

Analysts at Kotak Securities noted the pullback aligned with global peers, where U.S. and European markets had softened overnight. ‘Overbought conditions triggered this correction,’ one strategist said.

The February 19 session marked the sharpest single-day drop in weeks for the benchmarks. Investors now await industrial output data and corporate results due next week for fresh momentum.