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Markets experienced a sudden selloff on Thursday, June 12, as increased global uncertainty and fresh tariff fears pulled Indian equities deep into the red. The benchmark Sensex plummeted 823 points to close at 81,691.98, and the Nifty 50 snapped 253 points to close below the psychological 25,000 level at 24,888.20 its lowest level since June 5.

The market breadth was well in the favour of bears as 2,606 shares fell on the BSE compared to 1,249 advances. As many as 134 stocks finished flat.

Global cues, tariff concerns evoke panic

The sharp correction was triggered by fresh geopolitical unease caused by growing tensions in the Middle East. News of Israel possibly planning to strike Iranian nuclear sites led Iran to put out a warning of missile retaliation, and this stirred concerns about oil supply disruptions and market volatility in the world.

Adding to the gloom, former US President Donald Trump's warning of imposing new tariffs from July 9 rekindled global trade war worries. This scared investors further, with jitters spilling over from Asian and US counterparts into domestic markets.

Sectoral bloodbath across the board

All sectoral gauges closed in the red, with deep cuts in auto, FMCG, consumer durables, realty, IT, metals, and energy shares — each losing between 1 to 2 per cent. The Nifty Energy index suffered the biggest fall, losing almost 1.93 per cent.

The BSE midcap and smallcap indices also fell, declining 1.5 per cent and 1.3 per cent respectively, lagging behind the front-line benchmarks.

Top gainers and losers

Tata Motors (-2.86%), Shriram Finance, Trent, Titan Company, and Coal India were the poor performers on the Nifty. However, some defensives such as Apollo Hospitals (+1%), Dr Reddy's Labs, Bajaj Finserv, Asian Paints, and Tech Mahindra resisted the selling pressure and settled in the green. 

Technical view: 24,700 support is under focus

In the charts, Nifty has created a sturdy bearish candle but could hold on to its 21-day DMA. Experts caution that a fall below the 24,830-24,700 level may create more downside pressure, whereas the 25,080 level is currently serving as an immediate resistance.

Indian benchmark indices close in the red as Sensex falls 1 per cent and Nifty drops 1.01 per cent. Tata shares are the top laggards as London-bound Air India plane crashes near Ahmedabad airport.

More to follow...

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