Indian equities closed sharply lower with Nifty 50 ending at 24,441.40, down 324.50 points or 1.31%, as a broad-based selloff wiped out ₹3 lakh crore in market capitalisation. Sensex shed 1,098 points or 1.35% during the session, extending losses across sectors.
Sectoral Carnage, Banks Lead the Decline
Banking stocks bore the brunt of the selloff with Nifty Bank plunging 1.29% intraday, underperforming the benchmark. The broader Nifty 500 declined 0.38%, reflecting widespread weakness beyond frontline indices. All major sectoral indices traded in the red, signaling a risk-off mood across the market.
The session high for Nifty 50 was recorded at 24,854.20 before sellers dominated the latter half, dragging the index to an intraday low of 24,529.40. Over the past 24 hours, the index has fallen 4.14%, marking one of the steeper single-session declines in recent weeks.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 24,441.40 | -324.50 | -1.31% |
| Nifty Bank | — | — | -1.29% |
| Nifty 500 | — | — | -0.38% |
GIFT NIFTY Tracks Cash Market Lower
GIFT NIFTY ended Session I at 24,543, down 27 points or 0.11% from the previous close of 24,570. The contract opened at 24,626 and traded in a range of 24,761 to 24,469, mirroring the volatility in the domestic cash market. After holding firm through the morning, GIFT NIFTY came under pressure post-noon, sliding sharply in the final hour of trading.
The offshore index hit its session high of 24,761 during midday before sellers took control. A late-session plunge saw prices drop from 24,635 at 17:10 IST to a low of 24,470 by 17:15 IST, tracking the cash market's final leg of weakness.
| GIFT NIFTY | Level |
|---|---|
| Open | 24,626.0 |
| High | 24,761.0 |
| Low | 24,469.0 |
| LTP | 24,543.0 |
| Change | -27.0 (-0.11%) |
March Volatility Continues
The decline comes despite historical trends showing 12 out of 18 years delivering positive returns for Nifty 50 in March, with a maximum gain of 10.75% recorded in 2016. Thursday's session bucked that pattern as sellers dominated across the board.
GIFT NIFTY now stands at 24,543 heading into Session II, positioned slightly above the day's lows as markets await fresh cues from global markets and domestic macroeconomic data.