A sharp sell-off across the board today. Nifty closed near 23,002 (-3.26%), with Bank Nifty down 3.4% and midcaps falling 3.2%, indicating broad-based pressure across segments. Market breadth was extremely weak with just 532 advances vs 2,679 declines, reflecting panic-driven selling. No sector was spared. Autos (-4.2%), logistics (-4.2%), mobility (-4.0%), realty (-3.8%) and defence (-3.7%) led the fall, while IT, banks and consumption also saw heavy cuts. The only notable pocket of strength was in induction-related stocks, which saw selective buying amid the broader weakness. The decline comes amid rising macro concerns. Brent crude surged to ~$115 following fresh strikes on key oil facilities in the Middle East, intensifying geopolitical risk. Additionally, sentiment was weighed down by developments around HDFC Bank’s chairman resignation, adding to uncertainty in the financial space. Structurally, the market has approached a crucial zone near 23,000, and the next move will likely depend on how global cues evolve from here.

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