Market Summary: Nifty Suffers Steepest Fall of FY26

Nifty plunged 436 points to 23,379, marking its sharpest single‑day drop of FY26 and a fourth straight decline. Persistent global turbulence and risk‑off sentiment drove a broad-based sell-off from the opening bell. The index has now lost over 1,100 points in four sessions, slipping to a one‑month low. Turnover rose 4%, reflecting heightened activity amid the sell-off.

All sectors ended in the red, with Realty, IT, and Consumer Durables leading declines. Broader markets saw deeper cuts, with the Nifty Midcap 100 down 2.54% and Smallcap 100 down 3.17%. Market breadth weakened sharply.

The rupee extended losses to a fresh intraday low of 95.74, pressured by elevated crude prices, fiscal concerns, and sustained FPI outflows. Technically, Nifty’s break below major moving averages signals a broad bearish trend. Resistance now lies at 23,800, while key support sits near 23,100, aligned with the 61.8% Fibonacci retracement.

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