The Nifty 50 snapped a two-day winning streak to close at 22,912.40, down 399.75 points or 1.78%, as a broad-based selloff gripped domestic equities on March 27. The Sensex mirrored the slide, shedding over 1,200 points to settle below the 75,000 mark, as selling pressure intensified across key sectors in the final hour of trade.
The benchmarks opened weak and remained under pressure through the session, with the Nifty swinging between an intraday high of 23,186.10 and a low of 22,624.20. The sharp correction came on the back of heightened volatility, with the India VIX spiking 8% as investor sentiment turned cautious.
Sectoral Losses and Top Movers
Heavyweight stocks bore the brunt of the selloff. Reliance Industries tumbled 4.56% to close at ₹1,348.60, dragging the benchmarks lower. HDFC Bank declined 3.09% to ₹758.10, while Tata Steel slipped 1.43% to ₹193.83. Banking stocks also faced heavy selling, with Punjab National Bank and Canara Bank among the notable laggies in the financial pack.
Details on sectoral performance and institutional flows remained limited in available data, but the across-the-board decline suggested broad risk-off sentiment prevailed through the closing bell.
GIFT NIFTY Tracks Domestic Selloff
GIFT NIFTY mirrored the weakness in the cash market, closing Session I at 22,827, down 243 points or 1.05% from the previous close of 23,070. The offshore derivative contract opened at 23,105.50 and briefly touched a session high of 23,170 in the mid-morning hours before succumbing to selling pressure.
The contract traded in a volatile 379-point range between 23,170 and 22,791, with the decline accelerating post-noon as the cash market selloff deepened. GIFT NIFTY slipped below the 23,000 mark by mid-afternoon and remained under pressure through the close, settling near the day's lows heading into Session II.
Indian Market Closing Summary
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 22,912.40 | -399.75 | -1.78% |
| Sensex | ~74,085* | -1,200* | -1.59%* |
*Sensex figures approximate based on available data
GIFT NIFTY Session Snapshot
| Metric | Level |
|---|---|
| Open | 23,105.50 |
| High | 23,170.00 |
| Low | 22,791.00 |
| LTP | 22,827.00 |
| Change | -243.00 (-1.05%) |
GIFT NIFTY heads into the evening session at 22,827, positioned 85 points below the cash market close, as traders assess the likelihood of further weakness in the overnight trade.