Nifty fell 85 points to 23,329, snapping a four‑day winning run that had started at 23,414. The Sensex slid 330 points to 74,529, and the Nifty Bank tumbled 255 points to 56,215, underscoring a broad‑based pullback across large‑cap and mid‑cap stocks.
IT stocks bore the brunt of the retreat, with the Nifty IT index dropping 115 points. Meesho led the rally within the sector, leaping 10% after UBS upgraded its target – a move the research team said reflected stronger margin prospects. Coal India followed suit, gaining over 3%, while Optiemus Infra surged 20% after a new CMF partnership, and Transrail jumped 15% on a capacity‑expansion announcement.
Oil prices anchored the downturn: Brent slipped below $100 a barrel, falling to $99.50 after an 8% decline over the past four sessions. The India VIX eased 3% to 10.9, signalling contained near‑term volatility. Meanwhile, the rupee strengthened to ₹95.59 against the dollar, up from ₹95.82 at market close on Monday.
Fed commentary added a policy overlay. Minneapolis Fed President Neel Kashkari warned of persistent inflation, while St. Louis Fed President Alberto Musalem cautioned that further restraint might be required. Chicago Fed President Austan Goolsbee noted that supply shocks had lasted longer than usual, prompting traders to brace for potential rate hikes.
Looking ahead, investors will focus on the upcoming earnings calendar. Meesho is slated to report Q3 results next month, while Tata Group’s first‑quarter figures are expected this Friday. Fed officials are scheduled to speak later this week, and any deviation from the current dovish tone could sway the market further.