Mumbai, October 19, 2026 (Yes Punjab News)
Benchmark equity indices ended sharply lower on Monday as heavy selling in banking and information technology (IT) stocks dampened investor sentiment. The Sensex plunged 876 points, while the Nifty slipped below the 22,900 mark, snapping its two-session winning streak.
The BSE Sensex declined 876.37 points, or 1.17 per cent, to close at 73,852.90. The NSE Nifty fell 257.20 points, or 1.11 per cent, to settle at 22,888.95.
Market experts said the Nifty formed a long bearish candlestick as selling pressure emerged near the 38.2 per cent Fibonacci retracement level of 23,186, measured from the August 3 high to the October 8 low.
“The index also breached the crucial 23,000 support, indicating continued weakness. Immediate support is placed at 22,800–22,820, near its daily 20-SMA. A break below 22,650–22,700 could further intensify selling pressure,” analysts said.
They advised index traders to remain cautious, identifying 22,800 as a key support level and the 23,000–23,186 range as resistance.
“Long positions built during the mean-reversion rally should be reviewed, with a break below 22,600 levels,” they added.
Weakness extended to the broader market, with the Nifty Midcap 100 and Nifty Smallcap 100 indices declining 1.09 per cent and 1.01 per cent, respectively.
Sectoral indices also faced widespread selling pressure, with the Nifty Private Bank index emerging as the worst performer of the day. IT stocks witnessed significant declines, adding to the pressure on the benchmark indices.
Among Sensex constituents, State Bank of India (SBI) and Adani Ports bucked the broader market trend, gaining more than 1 per cent each. Larsen & Toubro (L&T), IndiGo and Maruti Suzuki also ended the session in positive territory.
On the losing side, Axis Bank led the declines, followed by UltraTech Cement, Infosys, Bajaj Finance and Trent, as investors booked profits in several heavyweight stocks.
Experts said persistent selling in key large-cap stocks kept market participants cautious, dragging both benchmark indices lower and erasing gains recorded over the previous two sessions.
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