The Indian equity market witnessed a sharp selloff Monday with both Nifty 50 and Sensex crashing 1.27% each, dragged by broad-based selling across banking, metals, and oil & gas counters. The Nifty 50 closed at 23,773.70, down 315.45 points from its previous close of 24,450.45, after swinging between an intraday high of 23,959.70 and a low of 23,697.80. The BSE Sensex settled at 78,999, shedding 1,017 points on the day.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,773.70 | -315.45 | -1.27% |
| Sensex | 78,999.00 | -1,017.00 | -1.27% |
The benchmark opened sharply lower at 23,868.05 and remained under pressure throughout the session as selling intensified. ICICI Bank led the decliners with a 3.13% drop, while Eternal Limited and State Bank of India fell 2.54% and up to 5% respectively. M&M also tumbled up to 5%, contributing to the bloodbath on Dalal Street.
Among the few bright spots, Hindalco gained ground, rising from ₹955.00 to ₹971.65. Nestle India advanced from ₹1,250.00 to ₹1,264.10, while Sun Pharma climbed from ₹1,784.50 to ₹1,805.60. Infosys also edged higher, moving from ₹1,303.00 to ₹1,327.20, offering limited cushion to the broader selloff.
The rout was triggered by a surge in crude oil prices, which rattled investor sentiment and sparked concerns over margin pressures for oil marketing companies and broader inflationary impact. The selloff extended losses from the previous session, with traders booking profits after the recent rally that had pushed Nifty to a 52-week high of 26,373.20.
GIFT NIFTY tracked the cash market's slide throughout Monday's session, opening at 23,950.00 in the morning and plunging to an intraday low of 23,661.00 before recovering partially. The contract swung between wild intraday swings, touching a high of 24,199.00 during the late afternoon rally attempt before settling at 24,016.00 by 18:09 IST. The session saw extreme volatility with a 538-point intraday range as the contract oscillated between sharp losses and brief recovery attempts.
| GIFT NIFTY | Level |
|---|---|
| Open | 23,950.00 |
| High | 24,199.00 |
| Low | 23,661.00 |
| LTP | 24,016.00 |
| Change | -307.00 (-1.26%) |
The offshore derivative settled 307 points lower at 24,016.00, a 1.26% decline from the previous close of 24,323.00, closely mirroring the cash market's percentage loss. After opening weak, GIFT NIFTY saw selling pressure intensify through the morning, bottoming around 09:00 IST before staging a volatile recovery that peaked in the late afternoon hours.
GIFT NIFTY now heads into Session II at 24,016.00, down 307 points, with global cues and crude oil movements likely to set the tone for overnight trading ahead of Tuesday's cash market open.