The benchmark indices witnessed intense selling pressure, with the market closing sharply lower amid weak global cues and rising geopolitical concerns.
Among the biggest losers on the Nifty were Shriram Finance, InterGlobe Aviation, UltraTech Cement, Adani Enterprises, and Jio Financial Services, while HCL Technologies, Tech Mahindra, ONGC, Power Grid Corporation, and TCS emerged as the key gainers.
Sectorally, the sell-off was widespread, with all indices ending in the red. Realty, Capital Goods, Consumer Durables, Metals, and PSU Banks declined over 4% each, reflecting strong risk-off sentiment. Broader markets also remained under pressure, as both the Nifty Midcap and Smallcap indices fell more than 3% each.
The Indian rupee traded sharply weaker, slipping below 93.95 and declining by 0.37%, as escalating tensions in West Asia continued to weigh on sentiment. Rising crude oil prices further pressured the currency, given India’s status as a net importer, leading to higher outflows and a widening import bill.
Sustained elevated crude prices are likely to fuel inflationary pressures, potentially impacting growth projections and adding further downside risk to the rupee. The overall macroeconomic backdrop remains fragile, and currency weakness may persist as long as geopolitical tensions and energy prices stay elevated.
In the near term, the rupee is expected to trade in a weaker range of 93.25–94.25, with sentiment likely to remain cautious until any meaningful geopolitical de-escalation is observed.
