Nifty fell on weak quarterly results from heavyweights, ends at one-month low

After a brief pause, the Nifty resumed its downtrend, plunging 108 points to close at 25,585, its lowest level in this ongoing correction. The sharp decline was primarily fueled by disappointing quarterly results from blue-chip heavyweights. NSE cash turnover dropped 11% from the previous session.

In an otherwise subdued market, IndiGo, Tech Mahindra, and Hindustan Unilever emerged as the top Nifty gainers. Conversely, Wipro, Reliance, and Eternal faced significant selling pressure, ending the day as the primary laggards.

The broader market pain was evident as almost all sectoral indices ended in the red, with the exception of Nifty Auto and FMCG. The Realty, Oil & Gas, and Media sectors bore the brunt of the sell-off, finishing as the day’s worst performers. The broader markets mirrored the benchmarks, with the Nifty Midcap 100 declining 0.37% and the Nifty Smallcap 100 slipping 1%.

Market breadth remained negative for the seventh consecutive session, as the BSE advance-decline ratio dropped sharply to 0.80, signaling persistent selling across the mid and small-cap segments.

On the currency front, the Indian Rupee extended its losing streak, weakening by 5 paise to close at 90.91, its lowest level in a month. This depreciation is largely attributed to sustained capital flight and firm US Dollar demand from metal importers.

Nifty has now retreated nearly 3% from its all-time high of 26,373. A decisive breach below the 25,473 mark would violate the current consolidation range, potentially accelerating the slide toward the next major support at 25,318. Meanwhile, immediate resistance has now shifted lower to 25,865.

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Source: HDFC Securities Prime Research