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Foreign institutional investors (FIIs) offloaded Indian equities worth Rs 15,243.27 crore on Thursday, causing the S&P BSE Sensex and Nifty to drop by over 2%, despite robust buying from domestic institutional investors (DIIs), who were net buyers with purchases totaling Rs 12,913.96 crore.

Wall Street opened lower on Thursday after a moderate rise in jobless claims sparked worries about the health of the labor market, while cautious investors kept an eye on the Middle East for any escalation in hostilities.

Aswath Damodaran argues that the Federal Reserve has less influence over interest rates than commonly believed. The Fed sets only the Fed Funds rate, and other rates are not directly indexed to it. This challenges the idea that the Fed controls borrowing costs across the economy.

Oil prices rose on Thursday on investor concern that a widening Middle East conflict could disrupt crude oil flows from the region, though a stronger global supply outlook kept a lid on gains.

The benchmark Sensex has decreased by about 2% from its 52-week high, and the BSE Smallcap index has fallen by 0.50%. However, a closer inspection of smallcap stocks shows that nine have plummeted over 50% from their individual 52-week high

A bearish candle suggests further market weakness. Traders should "sell on rise" and only buy above 26,000. Key levels to watch are support at 25,000 and 24,750, and resistance at 25,500. Breaking below support could trigger more declines, while hitting resistance may limit any upward movement, according to Hardik Matalia of Choice Broking.

The domestic currency fell to an intraday low of 83.97 during the session, just shy of its record low of 83.9850, hit last month.

Indian stock market witnessed a selloff, with 2,864 stocks declining. Hindustan Petroleum was the biggest loser, falling 7%. Other notable decliners included Godrej Industries, JM Financial, CarTrade, Dabur India, DLF and Suzlon Energy.

Gold and Silver prices rebounded on Thursday due to fresh demand from stockists and retail consumers for the ongoing festival. The precious metal rose Rs 200 to revisit the all-time high level of Rs 78,300 per 10 grams, according to the All India Sarafa Association.

Indian market closed lower for the fourth consecutive day. Sensex fell over 1,700 points, and Nifty50 closed below 25,300. Selling was seen in oil & gas, auto, capital goods, and realty stocks. BSE, Deepak Fertilizers, and JSW Steel hit fresh record highs.