Stock Market Today: Sensex Sheds 1,248 Points, Nifty Ends Below 23,100

Indian equity markets came under intense selling pressure on Thursday as firm oil prices and turmoil in global bond markets drove investors towards safer assets, with the BSE Sensex shedding 1,247.71 points, or 1.67 per cent, to finish at 73,580.54, while the NSE Nifty slipped 383.70 points, or 1.64 per cent, to end at 23,063.10.

Concerns over elevated oil prices and rising bond yields weighed on risk appetite, with banking and financial shares bearing much of the pressure.

The weakness extended beyond the leading stocks. The Nifty MidCap index fell 2.25 per cent, while the Nifty SmallCap index lost 1.53 per cent.

Only three companies in the Nifty basket closed higher. Bajaj Finance, HDFC Life Insurance Company and Axis Bank were among the session’s biggest drags on the benchmark indices.

Financial Services, Bank and Private Bank indices recorded some of the steepest sectoral losses, as rising yields and uncertainty across global markets dampened sentiment.

Media and pharmaceutical stocks finished lower, though their indices declined less than the wider market.

Market experts warned that a sustained close beneath 23,000 could expose the Nifty to further losses, with 22,900–22,800 emerging as the next downside range. They identified 23,200 as the immediate hurdle during any recovery.

Technical indicators continued to point to weak momentum.

The Relative Strength Index hovered near 31, approaching oversold territory, while the Moving Average Convergence Divergence remained deeply negative.

Options data showed Call open interest at approximately 23.84 crore and Put open interest at around 17.23 crore.

Analysts observed notable Call positions near 23,200 and 23,500, alongside concentrated Put positions around 23,000.

Investors remained watchful as crude prices and global bond market movements continued to influence sentiment.

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