Nifty hits 23,600 support level; eight large-cap stocks lose value over two years
Indian equity markets extended their decline on Tuesday as crude oil prices pushed investor caution. A specific technical support level was identified for the main index while data shows that eight heavyweights underperformed significantly since early 2025.
India's stock market closed lower on Tuesday, September 8, marking a seventh-week low in the broader index decline driven by high crude oil prices and geopolitical risks. The Nifty 50 found initial support near 23,600, a level analyst Rupak De from LKP Securities identified as crucial for a potential short-term recovery toward 24,000. Technical indicators suggest momentum may be shifting once this price floor holds. Despite market-wide weakness, specific corporate actions remain active. Biocon plans to sell up to 1.66 crore shares in a block deal worth approximately Rs 638.4 crore at a floor price of Rs 385 per share. Similarly, Bank of Baroda intends to offer for sale roughly 7.7 million NSE shares, accounting for 35% of its holdings. Conversely, investor patience with large-cap equities has eroded significantly over time. Data reveals eight major constituents of the index have posted negative returns since early 2025. The group includes Tata Motors, PV Hassan, Trent, TCS, ITC, HCL Technologies, Power Grid Corporation, Infosys, and Wipro. Average losses for this cluster totaled 23% in 2025 and approximately 21% through the first half of 2026. Wipro recorded the largest decline at 35% in 2026, following a 13% drop the previous year, while ITC and Infosys also lost over 33% in the most recent period.
