Sensex Falls 1,248 Points, Nifty Slips Below 23,100 on Oil, Bond Market Concerns
Mumbai — Indian equity benchmarks fell sharply Thursday as investors turned cautious amid firm crude oil prices and a global bond market selloff, with banking and financial stocks among the biggest losers.
The Sensex dropped 1,247.71 points, or 1.67 percent, to close at 73,580.54, while the Nifty fell 383.70 points, or 1.64 percent, to settle at 23,063.10.
Market experts said a sustained close below 23,000 could push the Nifty lower toward the 22,900 to 22,800 range, while 23,200 is expected to act as immediate resistance during any recovery.
“Momentum indicators remain weak, with the RSI around 31, reflecting strong negative momentum and approaching oversold territory. The MACD remains deeply in negative territory, confirming continued weakness,” market watchers said.
Analysts also pointed to options market positioning, where Call open interest stood at about 23.84 crore compared with Put open interest of roughly 17.23 crore. Significant Call open interest was seen around the 23,200 and 23,500 levels, while Put open interest was concentrated near 23,000.
Selling pressure extended across the broader market. The Nifty MidCap index ended 2.25 percent lower, while the Nifty SmallCap index fell 1.53 percent.
Among Nifty constituents, all but three stocks ended in negative territory. Bajaj Finance, HDFC Life Insurance Company and Axis Bank were among the biggest laggards and contributed significantly to the decline in the benchmark indices.
Financial stocks were hit particularly hard. The Nifty Financial Services, Nifty Bank and Nifty Private Bank indices were among the weakest sectoral performers as rising bond yields and global uncertainty weighed on investor sentiment.
Defensive sectors showed some relative resilience but still finished lower. The Nifty Media and Nifty Pharma indices posted smaller losses than the broader market.
Market participants remained cautious as elevated oil prices and the global bond selloff fueled risk-off sentiment and prompted investors to reduce exposure to equities. (Source: IANS)
