The broader Indian indices mirrored the decline seen in the benchmark stocks, falling for a second week in a row. Global uncertainty after fresh Middle East escalation pushed Brent crude above $100 a barrel, adding pressure on markets.
The BSE Sensex dropped 2,091.68 points, a 2.67% fall, closing at 76,059.77. The Nifty 50 fell 566.85 points, 2.32% lower, ending at 23,767.45.
The Nifty Midcap 100 slipped 1.2%. Key losers included Motilal Oswal Financial Services, Oracle Financial Services Software, Swiggy, Adani Total Gas, SRF, and Premier Energies. Gainers were Mahindra and Mahindra Financial Services, Astral, KPIT Technologies, Laurus Labs, and PI Industries.
The Nifty Smallcap 100 fell 2%. Stocks like Bandhan Bank, Aptus Value Housing Finance India, Ola Electric Mobility, PG Electroplast, Brigade Enterprises, Inventurus Knowledge Solutions, Capri Global Capital, and Amber Enterprises India dropped 7-22%. Data Patterns (India), Karur Vysya Bank, Manappuram Finance, Great Eastern Shipping, Himadri Speciality Chemical, and Nuvama Wealth Management rose 6-12%.
Sector performance was mostly negative. The Nifty Private Bank index led the decline, falling 4.32%, followed by Realty (4.02%), Capital Markets (2.61%), Oil & Gas (1.96%), and IT (1.57%).
Defensive sectors gave a glimmer of hope. The Nifty FMCG index gained 0.62%, Auto rose 0.44%, and Media increased 0.39%.
Technical analysts noted a sharp correction driven by global oil hikes and weak earnings. The Nifty 50 crossed below key EMAs and fell below 23,800, signalling a loss of technical strength.
Analysts advise caution. Support around 23,600 and 23,850 could hold, while resistance at 23,950-24,000 remains a hurdle. A break below 23,600 may push the index toward 23,100.
Foreign Institutional Investors sold ₹7,182.08 crore worth of equities, while Domestic Institutional Investors added ₹8,637.58 crore, showing a buying edge at home.
Overall market cap fell by nearly ₹5 lakh crore during the week. Traders are urged to manage risk, stay selective, and consider buying on dips near strong support levels.