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Indian Market Tumbles: Nifty Hits Lowest Since Aug '25
8 Mar
Summary
- Nifty closed at 24,450, lowest since August 29, 2025.
- Financial Services, Bank, and Realty sectors saw sharpest losses.
- Market sentiment remains weak with support at 24,300.
The Indian equity market faced a sharp decline on Friday, with the Nifty index plummeting 315 points to close at 24,450. This marks the lowest closing level since August 29, 2025, erasing the gains from the previous day. The session began on a weak note, influenced by global cues, and selling pressure accelerated in the afternoon, pushing the index down over 200 points from its mid-day high.
While Nifty IT was the sole sectoral gainer, the Financial Services, Banking, and Realty indices recorded the most substantial losses. The broader market, however, displayed relative stability, with the Nifty Midcap 100 and Smallcap 100 indices experiencing modest declines. Market participants are closely monitoring developments in West Asia and their potential impact on global energy supplies and crude prices.
Analysts suggest that the recent price action has negated the bullish sentiment from Thursday, indicating persistent weakness. Immediate support for the Nifty is seen around the 24,300 mark, with a potential retest of Wednesday's low. Resistance is expected around 24,700. A decisive breach below 24,300 could lead to further declines towards 24,000. Any rebound is anticipated to face selling pressure, reinforcing a sell-on-rise strategy until significant resistance at 25,000 is cleared.
