The BSE Sensex dropped 999.79 points, or 1.29%, to settle at 76,664.21 on Friday, marking a third consecutive session of losses. According to reports from ET Now, the index plunged as much as 1,260.13 points or 1.62% during intraday trading to 76,403.87. SEBI-registered analyst Vipin Dixena has highlighted a worrying technical breakdown, noting that the index has lost its structural integrity on the upside. As reported by ET Now, Dixena stated that the ongoing move is forming a short-term lower high–lower low sequence, indicating momentum shift in favour of sellers.
The NSE Nifty slumped 275.10 points, or 1.14%, to end at 23,897.95 on Friday. According to ET Now, all sectoral indices ended lower, with the BSE IT tanking 5.13% and BSE Focused IT declining 4.65%. Major IT laggards included Infosys which dived 7.09% after its revenue growth forecast for FY27 came in lower than market expectations. Other significant decliners were HCL Tech, Tata Consultancy Services, Tech Mahindra, Sun Pharma, Asian Paints, and ICICI Bank. In contrast, Trent, Bajaj Finance, State Bank of India, HDFC Bank, and Kotak Mahindra Bank were among the winners.
On the weekly front, the BSE benchmark tanked 1,829.33 points, or 2.33%, while the Nifty dropped 455.6 points, or 1.87%. As reported by ET Now, the sharp rally in crude prices and massive selling in IT counters weighed heavily on investors' sentiment. Brent crude, the global oil benchmark, traded 2.17% higher at USD 107.3 per barrel. Additionally, unabated foreign fund outflows, a negative trend in global markets amid prolonged conflict and continued disruption in the Strait of Hormuz added to market gloom. Foreign institutional investors (FIIs) offloaded equities worth ₹3,254.71 crore on Thursday, according to exchange data.
According to ET Now, Dixena stated the immediate support is placed near 76,000 and a breakdown below this zone can extend the fall towards 75,500 levels. The analyst noted that any pullback towards 77,000 is likely to face selling pressure unless reclaimed with strength. As reported by ET Now, RSI is coming out of oversold territory but still lacks strength, suggesting only a relief bounce possibility rather than a trend reversal. For Monday's trading session, Dixena said the overall bias remains cautious to bearish, recommending avoiding aggressive longs until price reclaims and sustains above the 50 EMA with confirmation.
