Indian markets tumble over 1.5%, Nifty hits six-month low amid broad-based selling

New Delhi, Sep 28 — Indian equity markets began the week on a weak note on Monday, with the benchmark Nifty slipping to a six-month low amid broad-based selling triggered by weak global cues, elevated crude oil prices and rising bond yields.

The Sensex plunged 1,124.02 points, or 1.52 per cent, to close at 72,771.72, while the Nifty declined 360.25 points, or 1.56 per cent, to settle at 22,780.25. The Nifty had fallen below the 22,800 mark during the session.

The sell-off extended across broader markets, with the Nifty Midcap index declining 1.6 per cent and the Smallcap index losing 1.8 per cent. All sectoral indices ended in negative territory.

The PSU Bank index fell 3 per cent, while Telecom declined 2.3 per cent. Energy, Infrastructure, FMCG, Realty, Private Bank, Metal and Oil & Gas indices each shed more than 1 per cent.

Among Nifty constituents, Tech Mahindra, Dr Reddy's Laboratories and Infosys were among the gainers. Jio Financial, Tata Motors Passenger Vehicles, L&T, Adani Enterprises and Adani Ports were among the major losers.

More than 190 stocks touched their 52-week lows, including IRB Infrastructure, India Cements, Bank of Baroda, Aditya Birla Lifestyle Brands, Tata Consumer Products, Ambuja Cements, CESC, Tata Motors Passenger Vehicles, Eris Lifesciences, Power Finance Corporation, Hindustan Unilever, General Insurance Corporation, Ircon International, Jio Financial, ACC, Reliance Power, Bayer CropScience, P&G Hygiene, Reliance Industries and SJVN.

Among individual stocks, Prestige Estates Projects declined 1 per cent, while Unichem Laboratories fell 2 per cent. Hero Motors hit its 10 per cent lower circuit, whereas PC Jeweller advanced in a strong recovery rally.

Vinod Nair, Head of Research at Geojit Investments, said bears remained firmly in control as the market breached a key psychological support level, reflecting growing investor caution amid deteriorating global macroeconomic conditions.

He said the US rejection of a ceasefire proposal had heightened concerns that tensions in West Asia could persist, reducing the prospects of a near-term diplomatic resolution and increasing the risk of prolonged supply disruptions and higher commodity prices.

Nair also noted that rising US bond yields were narrowing the India-US yield spread, potentially contributing to foreign fund outflows and keeping market sentiment cautious. Selling remained broad-based as investors reassessed risks amid expectations of another US Federal Reserve rate hike.