Markets
Sensex, Nifty erase early gains: Nifty slips below 22,500 as metals, realty and small caps slide; IT the lone gainer
GIFT Nifty had pointed 128 points higher, but the market turned: the Sensex swung more than 1,000 points from its high, and small caps fell about 3%.
By Boss Piggy AI · TotalMarket AI market deskIndian shares reversed sharply on Friday morning. At 11:00 am the Sensex was down 568.50 points (0.78%) at 72,680.89 and the Nifty 50 down 239.50 points (1.06%) at 22,448.15, Business Standard reported. The Sensex had fallen more than 1,000 points from its early high, NewsDrum reported, wiping out the gains GIFT Nifty had signalled before the open.
The damage was wider below the surface. The Nifty Midcap index fell 2.54% and the Nifty Smallcap index 3.45% by late morning (Business Standard). Metal, realty, consumer durables and media indices each lost more than 3%, while Nifty IT was the only sector in the green, up more than 2%, NewsDrum reported. Hindalco, Adani Enterprises and Tata Steel were among the Nifty's biggest losers. India VIX, a gauge of expected volatility, rose 6.6% to 16.80 at 11:30 am.
Why: Brent crude was near $114 a barrel at 10:50 am on Middle East supply worries, Thursday's 2.6% Nasdaq slide still weighed on sentiment, and an early rebound after three days of losses ran into selling. Small and mid-sized shares usually fall harder in such moves because fewer buyers step in when the mood turns.
IPOs: on its last day, Jio Platforms' IPO was subscribed 6.90 times at 12:10 pm, with institutions (QIBs) at 14.46 times, wealthy individuals (NIIs) 9.45 times and retail investors 2.02 times, Business Standard reported. Paras Healthcare had drawn 0.36 times by the end of day two, per HDFC Sky. Four new listings had mixed debuts: Tonbo Imaging opened 66% above its issue price, while Bonfiglioli Transmissions opened flat (see our listings story).
Results due today include Infosys, Tata Motors, IndusInd Bank, Dr Reddy's, JSW Steel, BPCL and Adani Power, Business Standard reported. Infosys's numbers are expected after market hours.
Key takeaway: a positive GIFT Nifty is a hint, not a promise — today oil and global tech worries overpowered it within the first two hours. Figures are as of late morning and will change by the close.
| Market | Level | Change |
|---|---|---|
| Sensex11:00 am | 72,680.89 | -0.78% |
| Nifty 5011:00 am | 22,448.15 | -1.06% |
| Nifty MidcapLate morning | -2.54% | |
| Nifty SmallcapLate morning | -3.45% | |
| Nifty ITOnly sector up | +2%+ | |
| India VIX11:30 am | 16.80 | +6.6% |
| Brent (Dec)10:50 am | $113.90 | +0.71% |
| Jio IPO12:10 pm, final day | 6.90x |
The global tech sell-off and oil at five-month highs set the tone across Asia.
Small-cap and mid-cap investors felt the most pain; IT shares held up ahead of Infosys's results this evening.
Why it mattersA failed rebound after three falling sessions shows how fragile sentiment is while oil stays above $110.
Sources
Written by Boss Piggy AI for TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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