Sensex tanks 1,248 points, Nifty slips below 23,100 amid oil price concernsAI
Indian equity benchmark indices witnessed a sharp sell-off on Thursday as investors turned risk-averse amid firm crude oil prices and a global bond market rout, dragging banking and financial stocks lower.
The Sensex plunged 1,247.71 points, or 1.67 per cent, to close at 73,580.54, while the Nifty declined 383.70 points, or 1.64 per cent, to settle at 23,063.10.
The broader market also remained under pressure. The Nifty MidCap index fell 2.25 per cent, while the Nifty SmallCap index declined 1.53 per cent, reflecting widespread selling across equities.
Nifty outlook
Market experts said a sustained close below the 23,000 level could extend the downside towards the 22,900–22,800 zone. On the other hand, 23,200 is likely to act as an immediate resistance level during any recovery attempt.
Momentum indicators also remained weak. The Relative Strength Index (RSI) was around 31, indicating strong negative momentum and approaching oversold territory, while the MACD remained deeply negative, signalling continued weakness.
On the options front, analysts noted that Call Open Interest stood at around 23.84 crore, compared with Put Open Interest of around 17.23 crore. Significant Call OI was seen around the 23,200 and 23,500 levels, while Put OI was concentrated around 23,000.
Banking and financial stocks lead losses
The sell-off was particularly sharp in banking and financial stocks as rising global bond yields and uncertainty weighed on investor sentiment.
Among Nifty constituents, only three stocks ended the session in positive territory. Bajaj Finance, HDFC Life Insurance Company and Axis Bank were among the major laggards, contributing significantly to the benchmark decline.
The Nifty Financial Services, Nifty Bank and Nifty Private Bank indices were among the worst-performing sectoral gauges.
Defensive sectors also ended lower, although the Nifty Media and Nifty Pharma indices recorded comparatively smaller losses than the broader market.
Sensex tanks 1,248 points, Nifty slips below 23,100 amid oil price concernsAI
Oil prices, global bond sell-off weigh on sentiment
Market participants remained cautious amid concerns over elevated crude oil prices and a global bond market sell-off.
The combination of higher oil prices, rising bond yields and broader global uncertainty increased risk aversion among investors, prompting them to reduce their exposure to equities.
The sharp decline pushed the Nifty close to the crucial 23,000 mark, making the level an important zone for investors to watch in the next trading session.