The Indian stock market saw a significant drop as sellers took control, leading to a 553-point decline in the Sensex. The market fell for the second consecutive day, largely impacted by weak global cues and selling pressures in banking and IT stocks. Sensex closed at 65,877 points, while Nifty dropped by 158 points to close at 19,671. The decline was primarily due to investor concerns over high bond yields and mixed global signals, causing hesitation in stock buying. Major players like Reliance Industries, HDFC Bank, and Infosys contributed to the downtrend, signaling caution among investors.