Markets Slump: Nifty Dives 275 Points, Bank Index Tanks
Markets Slump: Nifty Dives 275 Points, Bank Index Tanks
Indian equities reel from a brutal Monday sell-off as Nifty slides 275 points and the Bank index plunges, with Indigo hit amid flight cancellations and heavy selling.
Dalal Street slipped on Monday as Nifty plunged 275 points, failing to cross 26,200. Nifty Bank tumbled 633 points, and the IT pack remained weak as the rupee hovered above 90.10 per dollar. The breadth was brutal: only 350 advances against 2,370 declines, and 22 of the top 25 volume stocks closed in the red. Indigo shed 7.8% after trades worth over ₹6,000 crore amid the ongoing flight-cancellation crisis and DGCA scrutiny.
Several bellwether names, including Eternal, Canis Tech, Zomato, and Dixon, faced sharp cuts. The smallcap and midcap indices slipped about 2.6%, with the Realty index off around 3.5%. Bears dominated, and investors watched portfolios turn deeply red as selling persisted.
Additional notes showed Gift Nifty down around 12 points and futures on the NSE International Exchange indicating a muted start. The Sensex also took a hit, with the 30-share index dipping more than 800 points to around 84,875 at one point while Nifty slid more than 290 points, slipping below the 25,900 mark.
Analysts cautioned that Nifty could consolidate in the near future, with a tentative range of 25,850 to 26,300 in coming weeks. Stocks like HDFC Life and BPCL were highlighted as relatively stronger performers amid the broad weakness.
Cover image source: Stock market today: Gift Nifty down 12 points; key levels for Nifty, Sensex & Nifty Bank 🔗
