Mumbai, Oct 8 (SocialNews.XYZ) Indian equity benchmarks witnessed a sharp sell-off on Thursday as a steep rise in global crude oil prices, concerns over prolonged tight monetary conditions, and continued foreign fund outflows rattled investor sentiment.
Brent crude surged 4 per cent and crossed the $104-per-barrel mark, stoking fears of persistent inflationary pressures and raising concerns about the outlook for interest rates.
The benchmark Sensex slumped 1,045.46 points, or 1.44 per cent, to close at 71,593.24, extending losses for a second consecutive session. During the day, the index fell to an intra-day low of 71,327.75.
The Nifty also ended sharply lower, dropping 371.25 points, or 1.64 per cent, to settle at 22,231.80. The benchmark touched an intra-day low of 22,179.90, marking its lowest level of 2026.
"Technically, the Nifty closed below its monthly 50-SMA, confirming deterioration in the medium-term price structure. It also broke the 22,550–22,600 and 22,400 support zones, placing the psychological 22,000 level in focus," market watchers said.
"Any recovery may face resistance at 22,400 and then 22,600," analysts mentioned.
Investor sentiment remained under pressure amid growing expectations that both domestic and global interest rates could remain elevated for longer than previously anticipated.
Higher crude oil prices added to these concerns by reviving worries over inflation and their potential impact on economic growth and corporate profitability.
The weakness was broad-based across the market, with only a handful of stocks managing to escape the selling pressure. Among the 30-Sensex constituents, Tech Mahindra, Axis Bank and Infosys were the only gainers.
On the losing side, ITC, IndiGo, Power Grid Corporation and Bharat Electronics declined more than 3 per cent each. NTPC, Reliance Industries and Maruti Suzuki also featured among the major laggards.
Selling pressure was particularly intense in metal stocks, making the Nifty Metal index the biggest sectoral loser of the day. In contrast, the Nifty IT index showed resilience and outperformed the broader market.
Broader markets also came under significant pressure as risk aversion intensified. The Nifty MidCap index dropped 2.53 per cent, while the Nifty SmallCap index fell 2.34 per cent.
"Looking ahead, the market focus shifts to the Q2 earnings season, where management commentary on demand sustainability and input cost absorption will provide critical near-term direction," market watchers stated.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
