Nifty 50 slid 1,704 points to 23,070 on the NSE, its lowest level since June 8. The index shed a 1,700‑point cushion over the last five sessions, erasing a swing high of 24,774 set on Aug 3.
Global cues remain muted: Brent crude is trading above $108 a barrel, while U.S. 10‑year yields hover above 5%. Analysts warn that the index will stay bearish until it clears the 23,250‑23,300 band, making the June lows a critical support.
The Nifty Bank index fell below 56,000, forcing bulls to target the 56,000 mark. Support lies neatly between 55,500 and 55,000, which the index tested at its daily low.
Sectors poised for attention include payment aggregators Paytm and Pine Labs, after the MDR announcement, as well as Mazagon Dock, Groww, and BHEL. The NSE IPO anchor book opened today, adding another layer of volatility.