Indian equity markets closed under pressure, with the Nifty 50 index slipping below the psychological 24,000 level to settle at 23,939.90. The index opened weak at 24,071.30 and traded in a volatile range between 23,862.65 and 24,135.50 through the session. The BSE Sensex closed at 77,118.03, up 23.96 points, showing divergence from the Nifty's decline.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,939.90 | -163.00 | -0.68% |
| BSE Sensex | 77,118.03 | +23.96 | +0.03% |
Sectoral Divergence Marks Trading Session
Sectoral performance showed mixed trends. Nifty IT bore the brunt of the selloff, plunging 524.15 points to close at 27,104.40, emerging as the day's worst performer. Nifty Bank shed 52.60 points to end at 57,883.00, adding to the broader market weakness.
Among individual stocks, Tech Mahindra and Sun Pharma featured as top gainers, providing some cushion to the indices. On the downside, pressure from heavyweight IT and banking names weighed on sentiment. Trading volumes remained elevated with Nifty turnover at ₹40,190.94 crore across 4,478.58 lakh shares.
GIFT NIFTY Tracks Cash Market Lower
GIFT NIFTY mirrored the weak cash market trend, closing at 23,812.50, down 403.5 points or 1.67% from its previous close of 24,216.00. The derivatives contract opened at 24,181.50 in the pre-market session and hit an intraday high of 24,202.50 in early trades before succumbing to persistent selling pressure.
| Metric | Level |
|---|---|
| Open | 24,181.50 |
| High | 24,202.50 |
| Low | 23,807.00 |
| LTP | 23,812.50 |
| Change | -403.5 (-1.67%) |
The contract witnessed a sharp decline through the afternoon, breaching the 24,000 mark around 14:15 and accelerating lower to touch a session low of 23,807.00. The intraday range of 395.5 points reflected heightened volatility as sellers dominated late-session trade. GIFT NIFTY underperformed the cash Nifty by nearly 100 points, signaling weaker sentiment in the derivatives segment.
GIFT NIFTY heads into Session II positioned at 23,812.50, below both the spot market close and key technical support levels, with the session gap suggesting overnight weakness persisted through Indian market hours.