In mid-afternoon trading, the Nifty 50 index declined 1.46% to 23,467.90, dropping below the 23,500 level. This decline was influenced by a combination of factors including a weakening rupee, sustained foreign fund outflows, and elevated crude oil prices. The S&P BSE Sensex also fell sharply, down 1,194.95 points or 1.57% to 74,831.63. The auto sector faced significant losses, with the Nifty Auto index dropping 1.66% after three consecutive days of gains. Major companies such as Samvardhana Motherson International and Tata Motors reported declines of 3.98% and 2.46%, respectively. The rupee depreciated to a record low of 95.6450 against the dollar, raising concerns over inflation risks amid geopolitical tensions involving Iran. A public sector bank's research report projected India's GDP growth at 6.6% for FY27, down from 7.5% in FY26, while emphasizing the need for measures to address balance of payments pressures. Overall, market sentiment remains cautious as investors react to these economic indicators and global uncertainties.