Nifty closed 64 points lower at 22,716, Sensex slid 243 points to 72,529, both indices trailing their September series—down 7% year‑on‑year, the steepest slide in a quarter of a century.
Nifty IT plunged over 1%, with Wipro leading the decline at 1.8%. The technology basket’s weakness spilled over into the broader index, dragging down overall sentiment.
Nifty Bank dipped 212 points to 54,260 but rebounded nearly 500 points from the day's low, hinting at a mid‑day recovery. This bounce back, however, was insufficient to offset the broader sell‑off.
Midcap slipped 595 points to 59,319; the advance‑decline ratio hit 2:3, underscoring weak market breadth. Nearly 30 Nifty names closed in the red, with some falling as much as 3%.
Insurance stocks suffered—PB Fintech down 6%, TurtleMint 5%—while Tata Group shares slipped after Trusts’ proposal. BSE and Dr Reddy’s gained 3% each, buoyed by inclusion in the Nifty and a double‑upgrade, respectively.
Dharmesh Kant, Head of Research at Chola Securities, warned that margin calls on the MTF side are tightening and that a 10‑15‑day selling pressure could persist. Yet he flagged banking names like IndusInd and Axis Bank as attractive at current valuations amid rising bond yields eating into other income.