Nifty Sinks Below 23,100 as Brent Hits $106 and PB Fintech Plunges
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A wave of aggressive selling triggered a sharp market rout across Indian stock exchanges on Thursday, dragging the benchmark NSE Nifty 50 below the pivotal psychological threshold of 23,100. Breaching its recent support of 23,116 recorded on September 16, the index fell to its lowest trading level since early April, marking the first time since June 11 that the benchmark slid below 23,100. Broad-based panic left more than 400 counters trading deep in the red across the Nifty 500 universe, with heavyweight blue chips including Reliance Industries, Axis Bank, and Bharti Airtel leading the broader index contraction as all major sectoral gauges witnessed sustained institutional liquidation.
Record ₹25,000 Crore Wipeout in PB Fintech: Financials Face Heavy Liquidation
Leading the day's corporate wreckage, PB Fintech experienced an unprecedented intraday selloff, heading toward its steepest single-day percentage decline on record. The sudden collapse eroded more than ₹25,000 crore in shareholder wealth within hours, dragging the broader Nifty Financial Services index into the position of the worst-performing sectoral basket on Dalal Street. Institutional offloading gathered pace following mounting investor anxiety over regulatory friction, compounding negative sentiment across banking and non-banking financial intermediaries as portfolio managers moved swiftly to trim risk exposure across domestic equity portfolios.
Macroeconomic Pressures: Brent Surges to $106 as US 30-Year Yields Touch 22-Year Highs
Compounding domestic market vulnerabilities, global macroeconomic headwinds exerted immense pressure on emerging market equities. International benchmark Brent crude prices rallied nearly 2 percent to cross $106 per barrel—marking an aggressive 8 percent spike from Wednesday's low near $98 per barrel. The sudden energy surge triggered sharp pullbacks exceeding 2 percent in fuel-sensitive counters including IndiGo, Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL). Simultaneously, the US 30-year Treasury bond yield surged to its highest level in 22 years, accelerating foreign institutional capital outflows from emerging Asian equities and cementing persistent downward momentum across Indian trading desks.
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