Taking Stock: Nifty below 23,200, Sensex plunges 1,390 points; media, telecom outperform

At close, the Sensex was down 1,390.41 points or 1.80 percent at 76,024.51, and the Nifty was down 353.65 points or 1.50 percent at 23,165.70

Equity indices extended the fall on second consecutive session on the first day of new financial year 2025-26 (April 1) with Nifty finishing below 23,200, led by selling across the sectors barring media and telecom. The market participants remained concern ahead of the anticipated rollout of US President Donald Trump’s reciprocal tariffs on April 2.

At close, the Sensex was down 1,390.41 points or 1.80 percent at 76,024.51, and the Nifty was down 353.65 points or 1.50 percent at 23,165.70.

On the back of mixed global cues, the market opened on a weaker note with Nifty below 23350 but fell to hold on strong recovery in the initial hour and extended the losses as the day progress to close below 23,200.

Also Read: Market correction pushes 20 BSE-listed firms out of Rs 1 lakh crore club

HCL Technologies, Bajaj Finserv, HDFC Bank, Shriram Finance, Bharat Electronics were among major losers on the Nifty, while gainers included IndusInd Bank, Trent, Bajaj Auto, Jio Financial, HDFC Life.

BSE Midcap index was down 1 percent and smallcap index ended on a flat note.

Except media (up 2 percent), oil & gas (up 0.6 percent), telecom (up 2 percent), all other indices ended in the red with IT, realty, consumer durables shed 2-3 percent each.

More than 190 stocks touched their 52-week low on the BSE including Punjab and Sind Bank, UCO Bank, IOB, Central Bank Of India, Tata Elxsi, Titan Company, Metropolis Healthcare, Happiest Minds, Sona BLW, Birlasoft, among others. Click here to view full list

Index	Prices	Change	Change%
Sensex	85,609.51	1,022.50	+1.21%
Nifty 50	26,205.30	320.50	+1.24%
Nifty Bank	59,528.05	707.75	+1.20%

Nifty 50 26,205.30 320.50 (1.24%)

Wed, Nov 26, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
JSW Steel	1,154.40	42.40	+3.81%

Biggest Loser	Prices	Change	Change%
Bharti Airtel	2,126.80	-34.80	-1.61%

Best Sector	Prices	Change	Change%
Nifty Metal	10280.70	207.30	+2.06%

Worst Sector	Prices	Change	Change%
Nifty FMCG	55442.60	390.50	+0.71%

Outlook for April 2

Rupak De, Senior Technical Analyst at LKP Securities

The index has experienced a sharp decline, approaching the 50EMA on the daily chart. This drop follows a recent phase of consolidation, signaling a weakening sentiment. However, in the near term, the 50EMA support could play a crucial role in stabilizing the market. If this level holds, we may see a recovery.

That said, a decisive breakdown below 23,115 could trigger a deeper correction. On the upside, resistance is observed at 23,250—a breakout above this level could reignite bullish momentum in the market.

Aditya Gaggar Director of Progressive Shares

The markets experienced significant volatility during the opening trade, with an initial weak start followed by a swift recovery that proved short-lived. Selling pressure intensified, pushing the Index down to close at 23,165.70 with a significant loss of 353.65 points. Excluding the Media sector, all the other sectors ended in the red, with Realty and IT being the biggest laggards. Mid and Smallcap segments also faced pressure, but managed to outperform the Frontline Index.

A strong bearish candle is formed on the daily chart, indicating that the bears have the upper hand. However, the downside appears to be limited at the 23,000 level, supported by the 50-day moving average and the market nearing oversold conditions. On the upside, the 23,430 level is expected to act as immediate resistance.

Ajit Mishra – SVP, Research, Religare Broking

The markets began the new financial year on a weak note, declining nearly 1.5% due to unfavorable global cues. Uncertainty surrounding the U.S. reciprocal tariff rates ahead of the April 2 deadline and its potential impact on global trade led to a negative opening, which worsened as the session progressed. As a result, the Nifty index closed near the day's low at 23,165.70 level.

All major sectors came under pressure, with realty, IT, and financials among the top losers. However, the broader indices showed relative resilience, losing less than a percent each.

Market participants are closely monitoring the ongoing tariff talks and their sectoral impact, leading to profit-booking following the recent rebound. Additionally, the Nifty index, which had been consolidating, has slipped below its range and breached the moving average ribbon support at 23,400. The next crucial support lies around 23,100 (20 DEMA), and a breakdown below this level could further dampen sentiment, whereas holding above it may pave the way for a recovery. Given the mixed signals, it is advisable to be cautious with index positions and maintain a stock-specific trading approach.

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