Indian Markets Close Sharply Lower
Indian equity benchmarks closed sharply lower in choppy trade, with the Nifty 50 tumbling over 300 points and the BSE Sensex dropping more than 1,000 points, according to market data. The sharp selloff erased earlier gains as volatility gripped the session.
| Index | Close | Change | % Change |
|---|---|---|---|
| Nifty 50 | 23,907.15 | -6.55 | -0.03% |
| Nifty Bank | 55,092.90 | -200.75 | — |
The Nifty 50 settled at 23,907.15, down 6.55 points or 0.03%, after swinging between an intraday high of 23,983.20 and a low of 23,858.25. Market structure remained volatile, with price action failing to sustain above the 24,000 level despite an early breakout attempt.
Banking Drags, Broader Markets Mixed
The Nifty Bank index bore the brunt of selling pressure, closing at 55,092.90, down 200.75 points. The Nifty Financial Services index also weakened, shedding 169.90 points to settle at 25,932.25. The Nifty Next 50, however, bucked the trend, gaining 129.25 points to close at 70,945.10.
Among active derivative contracts, the Nifty 02-Jun-26 23,950 Call fell ₹21.90 or 11.95% to ₹161.40, while the 24,100 Call dropped ₹23.75 or 20.00% to ₹95.00, reflecting waning bullish sentiment in the near-term options chain.
GIFT NIFTY Mirrors Cash Market Weakness
GIFT NIFTY closed at 23,706.50, down 167.0 points or 0.7% from the previous close of 23,873.50. The offshore derivative opened at 23,889.50 and rallied to an intraday high of 24,018.50 before sellers took control.
| Metric | Level |
|---|---|
| Open | 23,889.50 |
| High | 24,018.50 |
| Low | 23,671.00 |
| Last Traded Price | 23,706.50 |
| Change | -167.0 (-0.7%) |
The contract traded in a 347.50-point range, initially holding steady near the 24,000 mark during the Asian session before a sharp late-afternoon selloff dragged prices to the day's low of 23,671.00. The late-session plunge mirrored weakness in the cash market, with GIFT NIFTY shedding nearly 200 points in the final hour of trade.
Outlook
GIFT NIFTY heads into the overnight session at 23,706.50, trading below both the previous close and the day's opening level, signaling bearish momentum as Session II begins.