Indian equity markets ended Monday’s trading session sharply lower, with bears firmly in control as the benchmarks breached key psychological support levels, reflecting growing investor caution amid deteriorating global macroeconomic conditions.

The Nifty 50 fell 360.25 points, or 1.56%, to close at 22,780.25, while the BSE Sensex plunged 1,124.02 points, or 1.52%, to end the session at 72,771.72.

The sell-off extended to the broader markets, with the Nifty Smallcap 100 declining 1.85% and the Nifty Midcap 100 falling 1.63%.

The fear index, India VIX, which gauges market volatility, surged 12.54% to settle at 13.69 points, indicating heightened nervousness among investors.

All sectoral indices closed in the red. The Nifty PSU Bank index crashed more than 3%, while the Nifty Realty index tumbled over 2%. Nifty Auto, Nifty Financial Services, Nifty FMCG, Nifty Metal, Nifty Private Bank and Nifty Realty declined between 1% and 2% each.

Market breadth remained firmly in favour of the bears, with 2,716 of the 3,676 stocks traded on the NSE ending in the red. A total of 869 stocks closed in the green, while 91 stocks remained unchanged on Monday.

Here are today’s top gainers on the Nifty

Here are today’s top gainers on the Sensex

Here are today’s top losers on the Nifty

Here are today’s top losers on the Sensex

From a technical perspective, although the Nifty50 index attempted to stabilise around the crucial 22,800 zone and staged a brief recovery, the rebound failed to sustain, with the index eventually slipping below this level and touching an intraday low of 22,762.

On the upside, 22,900–23,000 is likely to act as the immediate resistance zone, with 23,000 remaining a crucial level. Only a sustained move above 23,000 could help stabilise the technical structure and prevent further deterioration, according to Ponmudi R, CEO of Enrich Money.

On the downside, 22,700, he believes, remains an important support level. “A sustained break below 22,700 could intensify selling pressure and expose the index to lower levels, with 22,500 emerging as the next key support zone.”

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here