The 30‑share BSE SENSEX closed at 72,529.07, down 242.65 points or 0.33%, after a steep intraday plunge of 707.72 points or 0.97% that saw the index touch 72,064. The sell‑off on Dalal Street on Tuesday, 29 September, was driven by higher crude oil prices and continued foreign fund outflows, which weighed on investor sentiment amid uncertainty over the West Asia situation. The decline left bulls on the back foot as the market struggled to regain footing. Investors noted that the market’s volatility was exacerbated by the recent spike in Brent crude to near $105 a barrel, which has raised concerns about inflationary pressures and the rupee’s stability.

The 50‑share NSE NIFTY fell 64.05 points or 0.28% to finish at 22,716.20. Exchange data revealed that foreign institutional investors offloaded equities worth ₹5,353.22 crore on Monday, signalling a continued pullback from Indian equities. This outflow coincided with the broader market decline, as domestic investors reacted to the same macro‑economic backdrop that had dampened sentiment across sectors. Analysts noted that the sell‑off was particularly pronounced in the banking and consumer staples segments, where several large‑cap names fell below their 52‑week lows.

Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a SEBI‑registered research‑analysis firm, said Indian equities remained under pressure despite stronger‑than‑expected domestic industrial output. He pointed out that Brent crude near $105 a barrel and the US 10‑year Treasury yield around 5.25% continue to present a challenging backdrop for domestic risk assets. 'Elevated crude prices threaten to add to inflationary pressures and weigh on the rupee, while higher US yields increase the relative attractiveness of dollar‑denominated assets,' Radhakrishnan said. 'Unless both begin to moderate, foreign portfolio flows could remain subdued, and recovery attempts may struggle to gain lasting traction.'

From a technical perspective, the NIFTY50 tested the 22,600‑22,580 region, near its 200‑week SMA, before recovering, suggesting that the long‑term support zone attracted some buying interest. This could support a mean‑reversion bounce, but does not by itself signal a trend reversal. The index would first need to reclaim 22,800 and subsequently move above the 23,000‑23,100 zone to strengthen the near‑term structure. A decisive break below 22,580 could expose the index to 22,400. 'BANK NIFTY remains below its 100‑week SMA near 55,175, and its inability to reclaim this level could continue to constrain any broader recovery in the Nifty,' the expert opined.

The market sell‑off also saw a broad list of stocks hit fresh 52‑week lows on the NSE, underscoring the pressure across sectors. As many as 227 securities hit their 52‑week lows on Tuesday, 29 September, highlighting the breadth of the sell‑off across the market. The list included names such as Aditya Birla Fashion and Retail, Canara Bank, Voltas, Waaree Energies, Britannia Industries, ACC, Infosys, ICRA, IEX, United Breweries, Wipro, and Tata Motors Passenger Vehicles (TMPV), among others. Securities is a broader term that can include equity shares as well as other listed/traded instruments or scrips, including securities appearing under different series such as SM, ST and BZ.