Nifty 50 closed at 22,469.60, down 133.45 points or 0.59%, after falling below the 22,400 mark during the session. The Sensex shed 700 points intraday before paring losses to close at 72,638.70, down 0.59%. Selling pressure intensified through the afternoon, erasing modest gains from the opening hour.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 22,469.60 | -133.45 | -0.59% |
| Sensex | 72,638.70 | -428.60 | -0.59% |
ITC Tops Nifty Losers on Block Deal
ITC led the day's decliners, falling 3% to become the top Nifty loser after a ₹9,437 crore block deal, following a GQG stake sale. The stock's weakness weighed on the benchmark index through the session. Market breadth remained negative as sellers dominated across sectors.
TCS gained 2% ahead of its Q2 earnings, providing limited support to the index. The IT counter showed resilience even as broader market sentiment turned cautious. Banking stocks traded mixed, with Nifty Bank closing lower.
GIFT Nifty Tracks Domestic Selloff
GIFT Nifty opened at 22,579.5 and rallied to a session high of 22,624.5 in the first hour, before succumbing to selling pressure that accelerated post-noon. The contract slid to an intraday low of 22,252.5, mirroring the cash market's weakness, before closing at 22,257.5, down 300.5 points or 1.33% from the previous close of 22,558.0.
| Metric | Level |
|---|---|
| Open | 22,579.5 |
| High | 22,624.5 |
| Low | 22,252.5 |
| LTP | 22,257.5 |
| Change | -300.5 (-1.33%) |
The offshore derivative traded in a 372-point range through the day, with volatility spiking in the afternoon session as the contract broke below the 22,300 level. GIFT Nifty's sharper decline versus the cash market reflected heightened caution among offshore participants.
Market Outlook
GIFT Nifty heads into Session II at 22,257.5, with the contract now down over 5% from recent peaks. The 22,200-22,300 zone will be key support as traders await fresh cues from global markets and corporate earnings.