News

Sell-off intensifies on D-Street

Broader markets remained under pressure on Friday, with the Nifty Smallcap 100 and Nifty Midcap 100 indices declining up to 3%, significantly underperforming the benchmark Nifty, which fell around 1%.

The Nifty Smallcap 100 dropped 3.6%, extending its losing streak to seven consecutive sessions and taking its cumulative decline over the period to nearly 8%. Market breadth remained extremely weak, with 96 of the index's 100 constituents trading in the red. TD Power Systems, Urban Company, Inox Wind, Ola Electric Mobility and Karur Vysya Bank were among the key laggards, falling up to 8%.

The Nifty Midcap 100 also remained under pressure, declining 2.7% and extending its seven-session losing streak. The index has shed around 7% during this period, with only four constituents trading in positive territory. Swiggy led the losses, plunging 16% after reporting wider losses in its quick-commerce business, raising concerns over profitability amid intensifying competition.

Weak market breadth, rising crude oil prices and escalating tensions in West Asia continued to weigh on investor sentiment, while the Nifty erased early gains to close lower for the fourth straight session.