Taking Stock: Market snaps 2-day gains; Nifty below 26,000, Sensex sheds 610 pts

Market Today

The Indian benchmark started the week on a negative note, snapping two-day winning run, with Nifty losing nearly 1 percent amid weakness in broader indices and selling across the sectors.

After opening with marginal losses, the indices witness extended profit booking, dragging the Nifty below 26000 level as investors remained caution ahead of the US Federal Reserve's policy decision later this week. However, last hour buying erased some of the intraday losses.

At close, the Sensex was down 609.68 points or 0.71 percent at 85,102.69, and the Nifty was down 225.90 points or 0.86 percent at 25,960.55. BSE midcap index shed 1.7% and smallcap index declined 2.2%.

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Biggest Nifty losers included Interglobe Aviation, Bharat Electronics, JSW Steel, Eternal, Shriram Finance, while gainers were Tech Mahindra, Wipro, HDFC Life, HCL Technologies, HDFC Bank.

All the sectoral indices ended in the red with realty down nearly 3.5%, while media, PSU Bank, telecom down more than 2.5% each.

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In stock-specific action, Eternal shares fell 2.5% after 0.5% equity (52.06 million shares) change hands in a block trade, SPML Infra shares shed 3.5% despite winning Rs 207.38-crore project, Biocon shares down 2% as company to integrate Biocon Biologics as subsidiary, will acquire remaining stake, Lenskart Solutions shares fell 2% after shareholder lock-in opens.

Index	Prices	Change	Change%
Sensex	73,583.22	-1,690.23	-2.25%
Nifty 50	22,819.60	-486.85	-2.09%
Nifty Bank	52,274.60	-1,433.50	-2.67%

Nifty 50 22,819.60 -486.85 (-2.09%)

Fri, Mar 27, 2026

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
ONGC	281.95	11.75	+4.35%

Biggest Loser	Prices	Change	Change%
Shriram Finance	903.80	-52.20	-5.46%

Best Sector	Prices	Change	Change%
Nifty IT	29541.65	-129.65	-0.44%

Worst Sector	Prices	Change	Change%
Nifty PSU Bank	8249.45	-331.60	-3.86%

HFCL shares shed 3.6% despite bagging export orders worth $72.96 million, Ashoka Buildcon added 1% on getting additional work order from BMC, Dynamatic Technologies share price added 6% on strategic agreement with Dassault Aviation, SML Mahindra shares added nearly 3% after CV sales jumps 94% in November.

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More than 520 stocks hit 52-week low, including TataTeleservices, Sterling Wilson, Jupiter Wagons, Ola Electric, SKF India, SJVN, Inox Wind, Thermax, NCC, HFCL, REC, Concord Biotech, Piramal Pharma, Sapphire Foods, Chambal Fertilisers, Mahanagar Gas, CG Consumer, KNR Construction, Power Finance, among others. Click to View More

Outlook for December 9

Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped back after the monetary policy–day optimism, breaking below the 26,000 support. The index has now closed below the 21 EMA for the first time in many days, indicating a weakening trend. Supporting this view, the RSI has once again turned into a bearish crossover. Adding to the negative setup, Nifty registered its lowest closing in nine days, highlighting broader weakness, while India VIX also witnessed a spike.

The sentiment looks weak in the short term, with the index potentially sliding towards 25,730. On the higher side, resistance is placed at 26,000–26,100.

Ajit Mishra – SVP, Research, Religare Broking

Markets started the week on a weak note and lost nearly a percent, completely engulfing Friday’s gains. The Nifty remained under pressure from the start, with selling intensifying as the session progressed. A marginal recovery in the final minutes helped trim some losses, and the index eventually closed at 25,960.55. Sectorally, all indices ended in the red, with realty, metal, and energy witnessing the sharpest declines. The broader market was hit even harder, as the midcap index dropped around 2% and the smallcap index slipped nearly 2.6%.

Sentiment weakened primarily due to rising caution ahead of the upcoming Fed meeting, with investors worried about the possibility of a tighter global monetary stance and its spillover impact on emerging markets. The sustained weakness in the rupee and continued FII outflows further aggravated concerns around inflation and import-cost pressures, adding to the bearish tone.

From a technical standpoint, the retest of the crucial support zone near the 20-DEMA and the lower band of the rising channel around 25,900–25,950 has cast doubt on the strength of the recent recovery. Going ahead, the 25,800 level will act as the key make-or-break support; a breach below this zone may derail the recovery trend and push the index into a deeper consolidation, opening the way towards 25,500–25,650. On the upside, a sustained move above 26,200 would help ease pressure, but a broader conviction may still take time to build.

In the current environment, we continue to recommend a cautious, stock-specific approach — focusing on defensives, quality names, and fundamentally strong rate-sensitive sectors — while avoiding aggressive exposure in the smallcap space until cues turn more supportive.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decision.