Stock market crash: Amid heightened market volatility driven by escalating geopolitical tensions and rising crude oil prices, nearly one-fifth of the Nifty 50 stocks slipped to their 52-week lows, reflecting broad-based weakness across sectors.
Heavyweights such as HDFC Bank (-5%), Infosys (-4%), and Bajaj Finance (-6%) led the decline, alongside IT majors like Tata Consultancy Services and Wipro. Financials including Kotak Mahindra Bank and Bajaj Finserv also saw sharp cuts, while defensives such as ITC, Hindustan Unilever, and Cipla were not spared, highlighting the intensity of the sell-off across the market.
Ruchit Jain, Head – Equity Technical Research, Wealth Management, Motilal Oswal Financial Services, noted that the benchmark indices have seen a sharp correction in last few days due to global situations, wherein the index heavyweights have witnessed sharp sell off due to persistent FIIs selling.
“Until the external data such as geopolitical news, FII Flows, Crude, prices and USDINR which have been against the equity markets momentum change, the stocks are likely to continue the underperformance,” added Jain.
(more to come)