Live: Mid, smallcap indices drop 2% each; TCS erases gain ahead of Q2 | Closing Bell

Core Development: Live: Mid, smallcap indices drop 2% each; TCS erases gain ahead of Q2 | Closing Bell

Market & Financial Impact: Turbulent Thursday sees ₹9 lakh crore wiped out from the market, with the Sensex cracking over 1,000 points on expiry day and the Nifty plunging nearly 400 points below the 22,250 mark to a five-month low. As many as 10 Nifty stocks hit 52-week lows, while 44 Nifty stocks trade below their 200-day moving averages. Market breadth worsens sharply, with the VIX jumping over 11% and the BSE advance-decline ratio at 1:3. Heavy selling pressure grips broader markets, with the Midcap and Smallcap indices plunging over 2% each. IT stocks remain flat ahead of TCS Q2 results, although the Nifty IT index is down 600 points from the day’s high. All sectors nosedive into the red, with the Metal index emerging as the top drag after falling 5% in two days, while banks, FMCG, pharma and realty stocks also crumble. Markets are down in two of four sessions this week, while FIIs have sold ₹57,000 crore in nine straight sessions. Brent crude surges 4% to $104 a barrel, while US yields remain at multi-year highs, with the 10-year yield above 5.3%. US futures tumble, with Dow futures shedding 300 points, while Nasdaq and S&P 500 futures slip 0.3%-0.5%. Asian markets drag, with the Nikkei and Kospi down 1%-3%, while CME FedWatch shows an 80% probability of a December rate hike. Among Nifty 50 stocks, Infosys, Titan and Tech Mahindra are the top gainers, while Adani Enterprises, ITC and JSW Steel are the top losers.

Actionable Insight: 🔴 Bearish Risk: Regulatory scrutiny, profit decline, or sell-off risk may create near-term volatility.