The Nifty 50 closed at 22,421.95, down 198.50 points or 0.88%, as selling pressure intensified through the session. The Sensex ended at 71,909.70, shedding 0.79% as markets retreated from the day's highs, with the benchmark indices falling 200 points and 600 points respectively from their intraday peaks.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 22,421.95 | -198.50 | -0.88% |
| Sensex | 71,909.70 | — | -0.79% |
Sectoral Weakness Drags Indices Lower
Weakness was broad-based with the Nifty Next 50 declining 765.60 points to close at 68,981.35, while the Nifty Mid Select shed 102.20 points to end at 13,674.15. Banking stocks showed resilience with Nifty Bank down a modest 0.33% or 211.70 points at 54,259.95, outperforming the broader market.
The Nifty Financial Services index declined 23.15 points to 24,648.50, while the broader Nifty 500 fell 0.97%, matching the downward trajectory of the headline index. The retailing sector bucked the trend with a gain of 1.78%, emerging as one of the few bright spots in an otherwise weak session.
The financial services sector, which commands a 36.47% weightage in the Nifty 50, held up better than heavyweight segments like information technology at 8.48% and oil and gas at 9.52%, which witnessed sharper declines.
GIFT NIFTY Tracks Different Path
GIFT NIFTY closed Session I at 22,624.5, up 133.5 points or 0.59% from the previous close of 22,491.0. The offshore derivative opened at 22,632.5 and swung through an intraday range of 422 points, touching a high of 22,700.0 and a low of 22,278.0 before recovering to settle near the upper end of the band.
| Metric | Level |
|---|---|
| Open | 22,632.5 |
| High | 22,700.0 |
| Low | 22,278.0 |
| LTP | 22,624.5 |
| Change | +133.5 (+0.59%) |
The early session saw GIFT NIFTY rally from overnight levels before witnessing a sharp pullback towards the session low in the mid-morning hours. A recovery through the afternoon pushed the contract back above 22,600, decoupling from the weakness in the cash market where the Nifty 50 settled 203 points lower than the GIFT NIFTY close.
GIFT NIFTY heads into Session II at 22,624.5, maintaining a premium of over 200 points to the cash market close as offshore participants position for Friday's trade.