The Nifty slipped 371 points to 22,231 on the NSE, its lowest level since April 7, 2025, and 16% lower than the all‑time high of 26,373. The fall erased a 10% swing from the August high of 24,774 and breached the 22,217 swing‑low support, signaling a deepening downtrend.
All sectoral indices closed in the red, with metals, realty, media and auto stocks dragging the benchmark. The Nifty Midcap 100 plunged 2.53% to near a six‑month low, while the Nifty Smallcap 100 declined 2.34%, adding breadth to the sell‑off.
BSE‑listed companies lost roughly ₹13 lakh crore in market value over the last two sessions, reflecting a heavy erosion of equity capital. The rupee weakened marginally, closing at 96.78 per dollar after touching a session low of 97.10, under pressure from rising crude and persistent foreign outflows.
Brent crude surged 4% to about $104 a barrel, and the Indian 10‑year government bond yield climbed to 7.2%, its highest in two years. The US 10‑year Treasury hovered near 5.3% after Fed minutes signaled a likely rate hike this year, further fueling risk aversion.
Nagaraj Shetti of HDFC Securities warned that the break of the 22,400 weekly support could push the Nifty toward 21,800‑21,700, citing a decisive drop below the 22,217 level. Osho Krishan of Angel One highlighted the 22,080‑22,000 zone as a critical support, while Rupak De of LKP Securities saw 22,180 as a key floor.
With the earnings season kicking off—TCS, Canara HSBC Life, Anand Rathi Wealth and Can Fin Homes among the first to report—investors may look for a catalyst, but the prevailing trend suggests near‑term weakness remains likely until a clear reversal emerges.