Friday the 13th turned out to be rather devastating for the Indian markets. In what seemed like a coming together of a ‘perfect storm’. The Indian equity markets are sharply lower. Broad-based selling across sectors dragged indices down for the third straight session. The Nifty closed at 23,151.10, down 488.05 points or 2.06%, while the Sensex fell 1,470.50 points, down 1.93%, to settle at 74,563.92.
Weak market breadth underscored the sell-off, with about 899 shares advancing while nearly 3,200 declined. Pressure was also visible in the currency market as the Indian rupee weakened to a record closing low of Rs 92.45 against the US dollar, compared with Rs 92.19 in the previous session.
Technical breakdown deepens market pressure
According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the benchmark index weakened steadily after opening lower.
Nifty opened with a gap down and extended its decline through the session, ending the day 2.06% lower at 23,151.
He noted that Friday’s close carried technical significance.
“With today’s close, the index has partially filled the 203-point gap created on 15 April 2025 and has erased all the gains of FY26,” Shah said.
The weakness became more pronounced as the index slipped below key long-term indicators.
“Technically, the weakness is significant as Nifty closed below its 100-week EMA for the first time since June 2022 and slipped below the 20-month EMA for the first time since February 2025,” he said, adding that momentum indicators remain strongly negative with RSI falling below 25 while a rising ADX indicates strengthening downside trend pressure.
L&T, Hindalco and Tata Steel bear the brunt of the selloff
Losses were led by metal and infrastructure stocks.
Larsen & Toubro dropped 7.38%, making it the biggest loser on the Nifty. Hindalco Industries fell 6.07%, while Tata Steel declined 5.41% and JSW Steel slipped 4.49%.
L&T and Hindalco emerged as the top stock losers, both losing more than 6% during the session.
Among other index heavyweights, Grasim Industries fell 3.86%, while State Bank of India declined 3.61%.
Additional losses were recorded in HDFC Life Insurance, down 3.27%, Bharat Electronics, which fell 3.21%, and TMPV, which declined 3.19%.
Auto and industrial stocks also came under pressure. Bajaj Auto fell 3.13%, UltraTech Cement declined 3.11%, Maruti Suzuki slipped 3.04%, Eicher Motors dropped 3.02%, and Mahindra & Mahindra declined 3.01%.
Other notable declines included Max Healthcare, down 2.88%, Axis Bank, which fell 2.87%, Jio Financial Services, which declined 2.62%, Shriram Finance, down 2.50%, Oil And Natural Gas Corporation, which slipped 2.40%, and Wipro, which ended 2.35% lower.
Metal stocks drag sectoral indices
Selling was visible across all sectoral indices.
The Nifty Metal index was the top sectoral loser, closing with a loss of 4.82%. Shah said, adding that the index also closed below its 50-day EMA for the first time since December 2025, indicating weakening short-term trend.
Nifty PSU Bank and Nifty India Defence indices also ended the day with losses of more than 3.5%.
Broader markets also weakened significantly, with Nifty Midcap and Smallcap indices each falling about 2.5%.
Shah noted that market breadth deteriorated sharply with 458 stocks out of the Nifty 500 universe ending the day in the red.
Geopolitical tension, crude surge add to market stress
According to Vinod Nair, Head of Research at Geojit Investments, global developments and technical pressures contributed to the market decline.
“The deep sell-off witnessed in the street was triggered by a perfect storm: escalating geopolitical conflict leading to macroeconomic shocks, along with margin-related technical pressures that forced squaring-off of short-term positions,” Nair said.
He added that rising oil prices are intensifying macroeconomic concerns.
“Crude oil prices are surging back to $100 per barrel, raising concerns over inflation, corporate margins, and INR stability,” Nair said.
He said metals and auto stocks were among the worst hit as supply constraints and higher input costs are expected to hit business and profitability.
“Heightened volatility weakened trader sentiment, discouraging them from carrying positions into the weekend amid persistent geopolitical risks,” Nair added, noting that lack of buying support from domestic institutional and retail investors, coupled with continued FII outflows, intensified the decline.
Tata Consumer, HUL and Bharti Airtel resist the slide
Despite the broad market sell-off, three Nifty stocks ended the day with gains.
Tata Consumer Products rose 2.29%, emerging as the top gainer on the index. Hindustan Unilever advanced 1.17%, while Bharti Airtel edged up 0.09%.
Key levels for Nifty and Bank Nifty
Shah said immediate support for the Nifty is placed in the 23,000–22,950 zone, and a sustained move below this range could push the index toward 22,750 followed by 22,500 in the short term. Resistance is expected near 23,450–23,500.
He added that the immediate support for Bank Nifty is placed in the 53,500–53,400 zone, while resistance is expected around 54,200–54,300.
Conclusion
Indian equities ended Friday’s session with widespread losses as metal, auto and banking stocks dragged benchmarks lower. Technical weakness in the Nifty, a record-low rupee at Rs 92.45 per dollar, and rising crude prices added to the pressure across markets.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.