Indian stock markets extended their losing streak into the third day, with the Sensex slipping below the psychologically crucial 77,000 mark amid relentless selling. By midday Friday, the index was down a sharp 1,007 points, or 1.30%, at 76,656. The Nifty mirrored the weakness, declining 278 points or 1.15% to hover around 23,895.
Pressure mounted across market segments, as largecap, midcap, and smallcap indices all posted significant losses. The Nifty Midcap 100 was off by 1.22% at 59,219, while the Smallcap 100 index retreated 1.13% to 17,520. Blame largely fell on the battered IT pack, where poor earnings from bellwethers Infosys and HCL Tech sparked a 4%-plus plunge in the sector index.
Elevated crude oil levels cast a long shadow, threatening to inflate corporate margins and stoke inflation worries. FIIs continued their exodus, dumping more than ₹3,200 crore in equities on Thursday, marking four days of net selling. Global cues turned sour too, with Middle East unrest—stemming from stalled Iran-US negotiations and the Hormuz Strait blockade—triggering worldwide sell-offs.
The India VIX jumped 3.50% to 19.24, underscoring rising fear in the markets. This volatility spike often foreshadows prolonged corrections. Analysts warn that without positive triggers like softer oil or FII inflows, the benchmarks could test lower supports. Bargain hunters might eye resilient sectors, but the road ahead looks bumpy for now.
