Mumbai: Equity benchmark indices Sensex and Nifty fell sharply by nearly 1 per cent on Thursday, continuing their weak momentum for the fourth straight session, due to renewed concerns over potential US tariff hikes amid widespread selling pressure in global markets. Deep losses in metal, oil & gas, and commodity stocks amid unabated foreign fund outflows added to the pressure, analysts said.

The 30-share BSE Sensex tanked 780.18 points, or 0.92 per cent, to settle at 84,180.96. During the day, it plummeted 851.04 points, or 1 per cent, to 84,110.10. A total of 3,158 stocks declined while 1,039 advanced and 170 remained unchanged on the BSE. The 50-share NSE Nifty tumbled 263.90 points or 1.01 per cent to 25,876.85.

Foreign institutional investors offloaded equities worth Rs 1,527.71 crore on Wednesday, while domestic institutional investors bought stocks worth Rs 2,889.32 crore, according to exchange data. "Market sentiment deteriorated amid heightened geopolitical tensions and global trade-related concerns, which weighed on overall risk appetite. Continued foreign institutional selling, coupled with weakness in the rupee, further added to the negative bias. With global cues remaining mixed and the earnings season approaching, trading activity remained cautious and largely stock-specific," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.

From the 30-Sensex firms, Larsen & Toubro, Tech Mahindra, Tata Consultancy Services, Reliance Industries, Tata Steel, and Trent were among the biggest laggards. On the other hand, Eternal, ICICI Bank, Bajaj Finance, and Bharat Electronics were the gainers.