Equity benchmarks witnessed a sharp sell-off on Monday, with the plunging 1,973 points and the falling 636 points from the previous close, as risk aversion intensified across global markets. The decline mirrored a broader weakness in Asian equities, while the rupee slid to a record low amid escalating tensions in West Asia that kept crude oil prices elevated and heightened concerns over global growth and corporate earnings.
At 12.48 pm, Sensex dragged by 1765.89 pts or 2.37 per cent to 72,767.07, and Nifty 50 depreciated 573.20 pts or 2.48 per cent to
22,541.30.
Selling pressure was widespread across the broader markets, with the midcap and smallcap segments witnessing steep declines. The Nifty Midcap index dropped close to 4 per cent, while the Smallcap index tumbled over 4 per cent to trade at 15,032.95, reflecting heavy risk-off sentiment among investors.
Sectorally, the sell-off was broad-based as nearly all major indices traded in the red. Consumer durables, metals, banking and financial services, real estate and chemicals stocks fell up to 5 per cent amid heavy profit booking. The IT sector, however, showed relative resilience and limited the overall market fall.
The Bank Nifty index slipped over 3 per cent, dragged down by losses in AU Small Finance Bank, Union Bank of India, Yes Bank and Punjab National Bank, which were among the top losers.
Tech Mahindra, HCL Tech top gainers of Nifty 50
Within the Nifty 50 pack, only a handful of stocks managed to stay in positive territory, including Tech Mahindra, HCL Technologies, Oil and Natural Gas Corporation and Tata Consultancy Services. On the losing side, Shriram Finance, InterGlobe Aviation, Jio Financial Services and Trent Limited emerged as major laggards.
Market breadth remained heavily negative with 3,311 stocks traded on the National Stock Exchange, of which only 228 advanced while a massive 2,995 declined and 88 remained unchanged. Selling pressure was evident as just 17 stocks touched their 52-week highs compared with 835 that slipped to 52-week lows.
On the volatility front, 28 stocks hit their upper circuit limits, whereas a significantly higher 175 counters were locked in lower circuits, highlighting intense bearish sentiment across the broader market.
Metal stocks came under significant pressure, index dragging 5 per cent, Hindustan Copper, SAIL, Jindal Steel, NMDC, National Aluminium, Hindustan Zinc and JSW Steel were top losers, falling 5-8 per cent.
Select IT stocks lift midcap index
In the midcap space, selective buying was seen in Persistent Systems and Coforge, which rose up to 1 per cent. However, heavy declines persisted in Voltas, Muthoot Finance, NTPC Green Energy, Steel Authority of India Limited and Bharat Dynamics Limited, which fell 7–8 per cent.
The smallcap segment saw sharper cuts, with stocks such as FirstCry, Hindustan Copper Limited, Jindal SAW Limited, Bandhan Bank and BEML Limited plunging 7–10 per cent amid intense selling pressure.
On the BSE, Sun TV, HCL Tech, Persistent Systems, Tech Mahindra and Astra Micro posted gains up 1 per cent, while First Cry, SpiceJet, JP Power, Inox Green and Jai Balaji depreciated 9-10 per cent.