Prime End of the Day Summary: View on Market Performance 12 May 2026

Nifty Plunges Over 400 Points in Broad-Based Sell-off; Closes at One-month Low

Nifty witnessed a sharp and broad-based sell-off, declining for the fourth consecutive session and ending 436 points lower at 23,379, marking its steepest single-day fall of the current financial year. The index opened on a weak note with a gap-down of 93 points and remained under sustained selling pressure throughout the session. Nifty has now surrendered over 1,100 points from its recent swing high of 24,482 in just four days, underscoring the sheer intensity of the bearish momentum. NSE cash market turnover rose 4% compared to the previous session.

Amidst the sea of red, ONGC, Hindalco, and SBI managed to emerge as the top gainers. On the other hand, Adani Ports, Shriram Finance, and Tech Mahindra led the decline, ending as the top losers.

The sell-off was broad-based, with all sectoral indices ending in the red. Realty, IT, and Consumer Durables emerged as the worst-performing sectors.

Broader markets reflected similar weakness, with sharp declines across segments. The Nifty Midcap 100 dropped 2.54%, while the Nifty Smallcap 100 plunged 3.17%. Market breadth deteriorated significantly, as reflected by the BSE advance-decline ratio of 0.25, indicating continued profit booking in the broader market following the recent rally.

The Indian rupee extended its losing streak to a third day, hitting an intraday record low of 95.74 amid general weakness in Asian markets. The depreciation is largely attributed to anxieties over elevated crude oil prices and their adverse impact on fiscal deficit. Combined with rising risk aversion and sustained foreign capital outflows, these factors have positioned the rupee as the worst-performing Asian currency so far this year.

Technically, Nifty is now placed below its 10, 20, 50, 100, and 200 DEMA, signaling a broad-based bearish trend across multiple time frames. The earlier support level of 23,800 is now expected to act as a resistance on any pullback. On the downside, immediate support is placed near 23,100, which coincides with the 61.8% Fibonacci retracement of the prior up move from 22,182 to 24,601.