Sensex and Nifty suffered a steep decline on Thursday as surging global crude prices, persistent interest-rate concerns and foreign fund outflows weakened investor sentiment.
Brent crude jumped 4 per cent and crossed $104 a barrel, reviving inflation concerns and raising fears that central banks could maintain tighter monetary conditions for longer.
The Sensex plunged 1,045.46 points, or 1.44 per cent, to close at 71,593.24, extending losses for a second straight session. It touched an intra-day low of 71,327.75.
The Nifty dropped 371.25 points, or 1.64 per cent, to settle at 22,231.80. It slipped to 22,179.90, marking its lowest level of 2026.
Market watchers said the Nifty closed below its monthly 50-day simple moving average, signalling deterioration in its medium-term structure.
The index breached the 22,550–22,600 and 22,400 support zones, putting the psychological 22,000 mark in focus.
“Any recovery may face resistance at 22,400 and then 22,600,” analysts said.
The sell-off was broad-based. Tech Mahindra, Axis Bank and Infosys were the only Sensex gainers.
ITC, IndiGo, Power Grid Corporation and Bharat Electronics fell more than 3 per cent each. NTPC, Reliance Industries and Maruti Suzuki were among the major laggards.
Metal stocks faced intense selling, making the Nifty Metal index the worst-performing sector. The Nifty IT index outperformed.
Broader markets weakened sharply, with the Nifty MidCap index falling 2.53 per cent and the SmallCap index declining 2.34 per cent.
Market focus now shifts to Q2 earnings and management commentary on demand and input-cost absorption.
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