Analysis by Mr. Nandish Shah – Deputy Vice President, HDFC Securities
🕗 Last Update: 6 March 2026, 9.00 PM
Nifty Plunges Over 300 Points Amid Broad-Based Selloff
After a one-day pause, Nifty resumed its downtrend, shedding 315 points to close at 24,450, lowest since August 29, 2025. Today’s session flipped yesterday’s movement: Nifty opened 109 points lower on weak global cues, traded in a tight 130 point range with a negative tilt until noon. Post-2:30 PM, the index surrendered more than 200 points from its mid-session high, finishing near day’s low. For the week, Nifty tumbled nearly 3%. NSE cash volumes dipped 11% from yesterday.
BEL, ONGC and Reliance topped Nifty gainers. On the other hand, ICICI Bank, Eternal and Shriram Finance witnessed selling pressure to end as top losers.
All sectoral indices closed red except Nifty IT, with Financial Services, Bank, and Realty posting the steepest declines.
Midcaps and smallcaps outperformed, as Nifty Midcap 100 fell 0.69% and Nifty Smallcap 100 corrected 0.24%. Overall market breadth remained tilted toward the bears, with an advance-decline ratio of 0.83.
The Indian Rupee weakened by 14 paise to close at 91.74, pressured by surging crude prices and risk-off sentiment. Geopolitical tensions continue to cast a shadow, raising fears of a wider trade deficit and persistent inflationary pressure as investors flock to the safe-haven US Dollar.
Today’s close of Nifty marks the lowest point in the recent downswing, underscoring rising uncertainty in Indian equities. The trend remains firmly bearish, with support placed at 24,300 and 24,050. Upside resistance clusters in the 24,700 – 24,800 band.