Indian equity benchmarks closed sharply lower on Thursday as Brent crude oil's surge past $120 per barrel triggered a broad-based selloff. The Nifty 50 slipped 180.10 points or 0.74% to close at 23,997.55, dipping below the psychologically important 24,000 mark. The BSE Sensex shed 582.86 points or 0.75% to settle at 76,913.50.
The session was marked by persistent selling pressure across key sectors. Banking stocks led the decline, with Nifty Bank tumbling 540.25 points or 0.98% to close at 54,863.35. The broader Nifty 500 fell 0.82%, underperforming the benchmark.
Sectoral Divergence, IT Outperforms
While most sectors closed in the red, IT stocks bucked the trend. Nifty IT advanced 108.70 points, closing at 29,353.90, as investors rotated into defensive plays amid the oil-driven volatility. Realty and financial stocks were among the worst performers, dragging the broader indices lower through the session.
Among individual stocks, the divergence was sharp. Bharti Airtel gained ground, trading in a range of ₹1,848 to ₹1,900.40. Tata Consumer Products moved between ₹1,147.70 and ₹1,171.20, while Mahindra & Mahindra ranged from ₹3,100 to ₹3,192. Eicher Motors traded between ₹7,106 and ₹7,294.
On the downside, HDFC Bank declined 0.94% to close at ₹771.70, while Tata Steel fell 2.09% to ₹211.36. Reliance Industries managed a marginal gain of 0.38% to ₹1,430.80, and Bajaj Finance added 0.75% to close at ₹937.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,997.55 | -180.10 | -0.74% |
| BSE Sensex | 76,913.50 | -582.86 | -0.75% |
| Nifty Bank | 54,863.35 | -540.25 | -0.98% |
| Nifty IT | 29,353.90 | +108.70 | — |
GIFT NIFTY Tracks Domestic Weakness
GIFT NIFTY mirrored the domestic session's bearish tone, closing at 24,212, down 105 points or 0.43% from the previous close of 24,317. The contract opened at 24,316.50 and hit an intraday high of 24,376.50 in early trade before retreating to a session low of 24,201 as oil prices climbed and global risk sentiment soured.
The offshore derivative displayed heightened volatility through the day, initially holding above 24,300 in the morning session before sliding sharply in the final hour of Indian cash market trade. GIFT NIFTY's intraday range of 175.50 points reflected the session's choppy price action.
| GIFT NIFTY | Level |
|---|---|
| Open | 24,316.50 |
| High | 24,376.50 |
| Low | 24,201.00 |
| LTP | 24,212.00 |
| Change | -105.00 (-0.43%) |
Technical Levels in Focus
Market participants flagged that intensifying bearish sentiment could push Nifty 50 toward the 23,800 support level if oil prices remain elevated. The index traded in a range of 24,059.95 to 24,334.70 during the session before closing near the day's lows.
GIFT NIFTY now stands at 24,212 heading into Session II, positioned slightly above the cash market close as traders assess whether the oil-driven selloff will extend into the next trading day.