Nifty 50 sank 200 points to 22,554 on Thursday, its weakest close since August 24.
The index had earlier reclaimed a 22,649 intraday low on Wednesday but failed to hold that level, leaving 22,550 as the critical support line for the coming session.
Mid‑cap and small‑cap indices trailed the benchmark, with 79 mid‑cap stocks and 75 small‑cap stocks posting losses; the Nifty 500 saw 362 names in the red, underscoring sector‑wide weakness.
Earnings will light up Friday: Colgate‑Palmolive, HPCL, Swiggy, Adani Total Gas and others are slated to report, while the Jio Platforms IPO closed with bids of ₹1.3 lakh crore on its second day. Crude oil remains stubbornly above $110, a factor that could further dampen sentiment.
Kotak Neo’s Shrikant Chouhan flags 22,600‑22,500 as a key support; a break below 22,550 could drag the index to the 22,400‑22,350 zone. SBI Securities’ Sudeep Shah warns that a breach of the 54,400‑54,300 band in the Nifty Bank could trigger additional selling.
The Nifty Bank defended a 54,500 opening and closed at 55,500, keeping the 54,500‑55,500 corridor intact. Vatsal Bhuva advises caution, suggesting a bullish stance only if the index closes above 56,000.
Looking ahead, analysts anticipate that earnings releases and oil‑price movements will dictate whether the index can reclaim the 22,700‑22,800 range or continue sliding toward the next support at 22,300.