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Markets Plunge Most in 10 Weeks; Nifty's 23,000 Mark Crucial for Bullish Rebound
M
Moneycontrol•24-09-2026, 17:23
Markets Plunge Most in 10 Weeks; Nifty's 23,000 Mark Crucial for Bullish Rebound
- •Indian benchmark indices Sensex and Nifty recorded their steepest single-session decline in 10 weeks, falling 1.67% and 1.64% respectively.
- •The market downturn was attributed to surging crude oil prices, sell-offs in banking stocks, and negative global market trends.
- •Analysts indicate that Nifty holding the 23,000 support level is critical for any potential bullish momentum to return.
- •A sustained close below 23,000 could lead to further declines towards the 22,900-22,800 zone, while 23,200 acts as immediate resistance.
- •All major sectors closed lower, with Nifty Metal and Nifty Auto experiencing the sharpest declines, and broader markets also remained under pressure.
Key Questions Answered
Benchmark indices Sensex and Nifty fell sharply, recording their steepest single-session decline since July 8, due to a spike in crude oil prices, selling in bank stocks, and weak global trends that dampened investor sentiment.
Among the Nifty constituents, Cipla and ONGC emerged as the top gainers, while Bajaj Finance and HDFC Life were the top laggards during the session.
Analysts note that holding the 23,000 zone is crucial for bullish momentum to return, with a sustained close below it potentially extending the downside toward the 22,900-22,800 zone.
