Nifty: 22,512 (-2.6%) Midcaps & smallcaps: down ~4% Market breadth: 332 / 3008 This wasn’t a correction. This was broad-based damage. Not a single sector closed in green. Even IT, the only pocket showing some resilience, ended flat after recovering from deeper cuts. Where the pressure was intense: • Metal (-4.8%) • Realty (-4.7%) • Defence (-4.4%) • Media (-3.9%) • Auto (-3.1%) Everything got hit. Now look at the macro build-up: • India VIX: +17% → volatility expansion • Rupee at all-time low (93.97) • India 30Y yield rising sharply • Crude holding above $113 • Middle East tensions escalating This is not isolated. This is global stress + local pressure combining together. Rising inflation pressures are tightening liquidity and weighing on risk appetite. When breadth collapses + volatility spikes, markets don’t stabilize immediately. They first try to find where real demand exists. Until then… expect sharp swings, not smooth recoveries.

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