Indian equity benchmarks witnessed a sharp sell-off on Thursday as a steep rise in global crude oil prices, concerns over prolonged tight monetary conditions, and continued foreign fund outflows rattled investor sentiment.
Indian stock market faces sharp sell-off as global jitters intensify
Brent crude surged 4 per cent and crossed the $104-per-barrel mark, stoking fears of persistent inflationary pressures and raising concerns about the outlook for interest rates.
The benchmark Sensex slumped 1,045.46 points, or 1.44 per cent, to close at 71,593.24, extending losses for a second consecutive session. During the day, the index fell to an intra-day low of 71,327.75.
The Nifty also ended sharply lower, dropping 371.25 points, or 1.64 per cent, to settle at 22,231.80. The benchmark touched an intra-day low of 22,179.90, marking its lowest level of 2026.
Nifty hits fresh 52-week low as key support levels break
“Technically, the Nifty closed below its monthly 50-SMA, confirming deterioration in the medium-term price structure. It also broke the 22,550–22,600 and 22,400 support zones, placing the psychological 22,000 level in focus,” market watchers said.
“Any recovery may face resistance at 22,400 and then 22,600,” analysts mentioned.
Investor sentiment remained under pressure amid growing expectations that both domestic and global interest rates could remain elevated for longer than previously anticipated.
Rising crude oil prices add to market pressure
Higher crude oil prices added to these concerns by reviving worries over inflation and their potential impact on economic growth and corporate profitability.
The weakness was broad-based across the market, with only a handful of stocks managing to escape the selling pressure. Among the 30-Sensex constituents, Tech Mahindra, Axis Bank and Infosys were the only gainers.
On the losing side, ITC, IndiGo, Power Grid Corporation and Bharat Electronics declined more than 3 per cent each. NTPC, Reliance Industries and Maruti Suzuki also featured among the major laggards.
Nifty Metal leads losses as broader market tumbles
Selling pressure was particularly intense in metal stocks, making the Nifty Metal index the biggest sectoral loser of the day. In contrast, the Nifty IT index showed resilience and outperformed the broader market.
Broader markets also came under significant pressure as risk aversion intensified. The Nifty MidCap index dropped 2.53 per cent, while the Nifty SmallCap index fell 2.34 per cent.
Q2 earnings season in focus for Indian stock market
“Looking ahead, the market focus shifts to the Q2 earnings season, where management commentary on demand sustainability and input cost absorption will provide critical near-term direction,” market watchers stated.
Read More:
Sensex Falls 571 Points, Nifty Slips Below 22,450 as Market Sell-Off Continues
Sensex crashes over 1100 points as West Asia tensions trigger market selloff
