Indian Stocks Dropped Sharply On Weekly Expiry; Pharma Gains

The Indian stock market witnessed intense profit booking today, heavily impacting indices across the board on the day of the weekly expiry. Nifty plunged by nearly 280 points to close at 23,824, while Bank Nifty witnessed a massive fall of over 750 points. Midcap and smallcap indices also dropped by approximately 1%. Market sentiment remained heavily bearish, with the advance-decline ratio showing 2,200 declining stocks against just 700 advances. Major indices like Nifty Metals, IT, and PSU Banks were the top losers. A massive 5,000 crore block deal in Vedanta sent the stock tumbling by 8%. Heavyweights like HDFC Bank, Reliance, and Infosys dragged the broader market down. However, defensive sectors like Pharma showcased strong resilience with impressive gains. Looking ahead, technical analysis suggests Nifty will find strong support near