Indian Markets Suffer Sharp Selloff
Indian equity benchmarks suffered a sharp selloff on April 2, with the Nifty 50 closing at 22,331.40, down 488.20 points or 2.14%, while the BSE Sensex plunged 1,280 points or 1.55% to settle at 72,001. The session saw broad-based weakness across sectors as investors dumped positions amid risk-off sentiment.
The Nifty traded in a 531-point range between 22,182.55 and 22,561.55, opening at 22,383.40 before slipping steadily through the day. The index has now retreated further from its recent highs, with the 52-week range standing at 21,743.65 to 26,373.20.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 22,331.40 | -488.20 | -2.14% |
| BSE Sensex | 72,001 | -1,280 | -1.55% |
Sectoral Weakness and Stock Action
Selling pressure was visible across the board with few pockets of strength. Among active stocks, HDFC Bank gained 1.02% to close at ₹749.80, while Kotak Mahindra Bank added 0.39% to ₹357.45. On the losing side, Reliance Industries dropped 1.45% to ₹1,349.40 and Tata Steel slipped 0.45% to ₹193.72.
Pharma heavyweight Sun Pharmaceutical Industries closed flat at ₹1,689.40, while Hindustan Zinc and Cholamandalam Investment & Finance also showed no change on the day. InterGlobe Aviation saw volatile trade between ₹3,943.50 and ₹4,332.70, closing at ₹4,063.80. Adani Ports traded in a range of ₹1,312.60 to ₹1,405.40.
GIFT NIFTY Mirrors Cash Market Weakness
GIFT NIFTY tracked the Indian cash market selloff, closing Session I at 22,733.0, down 88.5 points or 0.39% from the previous close of 22,821.5. The derivatives contract traded in a wide 713-point range from a session low of 22,250.0 to a high of 22,963.0, opening at 22,867.0.
The GIFT NIFTY session showed sharp intraday volatility. After opening lower, the contract plunged through the morning to hit 22,250 by mid-session before staging a partial recovery in afternoon trade. The contract climbed back above 22,700 in late Session I dealing.
| GIFT NIFTY | Level |
|---|---|
| LTP | 22,733.0 |
| Open | 22,867.0 |
| High | 22,963.0 |
| Low | 22,250.0 |
| Change | -88.5 (-0.39%) |
Session II Watch
GIFT NIFTY heads into Session II at 22,733, roughly 400 points above the cash market close, as global markets digest the Indian selloff. The wide premium reflects the overnight recovery attempt after the sharp intraday decline.