Indian equity markets extended their sharp sell-off, with the ripple effects of a hawkish RBI policy weighing heavily on rate-sensitive sectors and effectively resetting near-term valuation multiples.
The Nifty 50 ended at 22,231.80, down 371.25 points, or 1.64%, while the Sensex fell 1,045.46 points, or 1.46%, to settle at 71,593.24.
The sell-off intensified across the broader market, with the Nifty Midcap 100 and Nifty Smallcap 100 indices plunging as much as 3%. Among sectors, the Nifty Metal and Nifty Realty indices bore the brunt of the pressure, each declining more than 3% to lead the losses.
Market breadth also remained firmly negative, with 2,950 stocks advancing on the NSE against 660 declines, while 112 stocks remained unchanged.
ALSO READ: Adani Group stocks tumble as market rout deepens; Adani Green, Adani Ent, others tank up to 10%
Here are today’s top gainers on the Nifty
Here are today’s top gainers on the Sensex
Here are today’s top losers on the Nifty
Here are today’s top losers on the Sensex
Technically, the Nifty closed below its monthly 50-SMA, confirming deterioration in the medium-term price structure. It also broke the 22,550–22,600 and 22,400 support zones, placing the psychological 22,000 level in focus. Any recovery may face resistance at 22,400 and then 22,600, according to Hariselvan Radhakrishnan, Founder & CEO of HST Wealth.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
