Market Ends Lower as Nifty Slips Below 26,000, Silver Sees Profit-Taking

Ashika Institutional Equities

Indian equity markets witnessed a sharp sell-off in today's session, with the benchmark index failing to hold on to key support levels. The Nifty index marked the day's high at 26,106 before selling pressure intensified, dragging the index to an intraday low of 25,924 and decisively breaking the crucial technical and psychological support of 26,000. Sectorally, Media and PSU banking stocks showed relative strength and managed to trade in the green, outperforming the broader market. In contrast, pronounced weakness was seen across Realty, IT, Healthcare, Energy, and Pharma stocks, which remained under pressure throughout the session. Market participants largely stayed cautious ahead of the release of India's industrial and manufacturing production data scheduled later today, which is expected to provide cues on the near-term economic outlook.

Silver remained the center of attention during the session. After scaling a high of 254,853 on the MCX, silver prices witnessed profit-taking and declined by around 1.38%, reflecting cautious sentiment in the precious metals space. On the derivatives front, market breadth clearly indicated bearish undertones, with only 52 stocks advancing against 160 declines. A notable spurt in open interest was observed in stocks such as Alkem Laboratories, NMDC, SAIL, Petronet LNG, and Cummins India, indicating increased derivative activity in these counters. In the Nifty options segment, the 26,000 and 26,100 strike prices witnessed the highest call open interest, while on the put side, 25,900 and 26,000 strikes held the maximum open interest, highlighting key levels being tracked by market participants.

Source : Equity Bulls

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