The Indian equity market witnessed a sharp selloff with the Nifty 50 closing 263.25 points or 1.09% lower at 23,912.90, while the Sensex tumbled 500 points or 0.64% to settle at 77,344. The broader downturn triggered heavy losses in GIFT NIFTY, which shed 419.5 points or 1.73% to close at 23,840.
| Index | Close | Change (Points) | Change (%) |
|---|---|---|---|
| Nifty 50 | 23,912.90 | -263.25 | -1.09% |
| Sensex | 77,344.00 | -500.00 | -0.64% |
The Nifty 50 opened at 23,970.10 and traded in a range between 23,986.80 and 23,845.30 before closing near the day's lows. Banking stocks faced intense pressure, with Nifty Bank plunging 1.64% to 54,406.20 and the Nifty Financial index sliding 1.46% to 25,632.10.
Adani Ports was among the notable movers, trading between ₹1,727.70 and ₹1,792.00 before settling at ₹1,732.80. Tata Consumer Products fluctuated from ₹1,155.00 to ₹1,194.00, closing at ₹1,151.70. Volume on the Nifty 50 stood at 246,761,263 shares as selling intensified through the afternoon session.
GIFT NIFTY Tracks Domestic Rout
GIFT NIFTY mirrored the weakness in the cash market, opening at 24,217 before collapsing through key support levels. The SGX contract hit an intraday high of 24,217 in early trade, then plunged to a session low of 23,828.50 as the Indian benchmarks crumbled.
| Metric | Level |
|---|---|
| Open | 24,217.0 |
| High | 24,217.0 |
| Low | 23,828.5 |
| LTP | 23,840.0 |
| Change | -419.5 (-1.73%) |
The offshore contract spent most of the session below the 24,000 mark, tracking the sustained selling pressure in Nifty futures. After a brief recovery attempt in mid-afternoon that pushed GIFT NIFTY back toward 24,010, the contract resumed its slide in the final hour, settling near session lows at 23,840.
GIFT NIFTY heads into Session II down 419.5 points from the previous close of 24,259.50, signaling continued caution ahead of the overnight session.