Market wrap: Cipla, ONGC, HDFC Life, Bajaj Finance top gainers and losers on Nifty and Sensex on Thursday

Indian equity benchmarks ended sharply lower on Thursday as rising bond yields and a rebound in crude oil prices weighed on sentiment, amid heightened concerns over the global macroeconomic outlook.

The Nifty 50 settled at 23,063.10, down 383.70 points, or 1.64%, while the Sensex fell 1,247.71 points, or 1.67%, to close at 73,580.54.

The sell-off extended to the broader market, with the NSE Nifty Midcap 100 and Nifty Smallcap 100 indices declining 2.25% and 1.53%, respectively.

Market volatility also spiked, with the India VIX, a measure of market volatility, surging more than 22%.

All sectoral indices ended in the red, with the Nifty Financial Services index falling more than 4%.

Market breadth on the NSE remained firmly negative, with 2,587 stocks declining against 943 advancing, while 99 stocks closed unchanged.
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Here are today’s top gainers on the Sensex

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Here are today’s top losers on the Sensex

Technical View

The sharp decline kept the index near the lower end of the session’s range, with the 23,000 zone emerging as the immediate support, according to Ponmudi R, CEO of Enrich Money. A sustained close below 23,000, he believes, could extend the downside toward the 22,900–22,800 zone, while 23,200 is likely to act as the immediate resistance during recovery attempts.

“Momentum indicators remain weak, with the RSI around 31, reflecting strong negative momentum and approaching oversold territory. The MACD remains deeply in negative territory, confirming continued weakness.”

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here