It’s not just the Nifty 50 having a weak session today, the selling is visible across Large caps, Midcaps, Smallcaps and most sectors. The Nifty is down around -1.32%, while the broader market is also under pressure. Nifty Next 50 has had the highest hit of -1.67%.
On the sectoral side, PSU Banks (-2.39%) have hit the worst and Banks (-1.84%), Private Banks (-1.62%) and Auto (-1.51%) are among the biggest drags.
What makes today’s move interesting is the breadth of the decline.
India VIX is up almost 14% and there are very few pockets of strength, pointing towards a broad risk-off mood rather than weakness concentrated in one particular segment.
For now, the important thing to watch is whether this selling gets absorbed or starts building into a larger correction.