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The Indian stock market suffered heavy losses in Thursday’s trade, September 24, with the headline indices closing more than 1.5% lower, erasing their recent gains and falling below key psychological levels. Investor sentiment was hit by surging global bond yields and volatility in crude oil prices. With Thursday’s decline, both the Nifty 50 and Sensex logged their worst single-session losses in 10 weeks, while their year-to-date losses widened to nearly 12%, putting them on track for their first annual decline in more than a decade. Apart from weak global cues, the Insurance Regulatory and Development Authority of India (IRDAI) proposed sweeping changes to insurance commission rules, triggering a wave of selling across financial and NBFC stocks. The Nifty 50 plunged 1.64% to settle at 25,169.50, while the Sensex finished at 73,580, down 1.67% from the previous session. The pain was more pronounced in the broader market, with the Nifty Midcap 100 falling 2.57% and the Nifty Smallcap 100 tumbling 2.25%. All major sectoral indices closed sharply lower, with banks and insurers bearing the brunt of the selling after the country’s insurance regulator proposed an overhaul of commission rules to cap payouts, link them to product complexity and allow life insurers to spread commissions beyond the first year of a policy. Banking and financial stocks fell 2% and 2.4%, respectively. Among individual stocks, PB Fintech was the worst hit, plunging 36%, while Turtlemint Fintech sank 20%. The sell-off in Indian equities came amid continued pressure from global bond markets. The US 10-year Treasury yield steadied at 5.12% in Thursday’s session after surging 15 basis points on Wednesday, marking its biggest one-day increase since the turmoil triggered by President Donald Trump’s April 2025 tariff announcement. The rise in bond yields coincided with a sharp rebound in oil prices, adding another layer of pressure on global markets. In energy trading, benchmark US crude rose 2.35% to $94.33 a barrel, while Brent crude, the international benchmark, gained 2.77% to $106.94 a barrel. Among other Asian markets, Japan’s benchmark Nikkei 225 gained 0.8% to finish at 65,513.99, as some chipmakers benefited from continued interest in artificial intelligence. Australia’s S&P/ASX 200 fell 0.7% to 8,702.00. Hong Kong’s Hang Seng lost 0.3% to 24,761.13, while the Shanghai Composite dipped 1.2% to 3,888.37. Trading was closed in South Korea for the Chuseok autumn harvest holiday. Looking ahead, Vipin Kumar, AVP-Research at Globe Capital Market, said the Nikkei index moved higher towards the upper band of its month-long congestion range, placed around the 67,000-spot level. A decisive close above 67,000 could lead the index towards 69,000–69,500 in the near term. Immediate downside support is placed around 64,500. On the Hang Seng index, he said the Hang Seng index drifted slightly lower, as mentioned in our previous post. Going ahead, we reiterate our sideways view with a slightly negative bias within the 24,350–25,250 spot zone. Rupak De, Senior Technical Analyst at LKP Securities, stated that the index witnessed heavy selling pressure as negativity emerged from overnight weakness triggered by a rise in the US 10-year bond yield and crude oil prices. The index slipped below the previous swing low, causing further long unwinding as bearishness intensified. He mentioned that the RSI has turned bearish once again, creating further negative momentum. The immediate support is placed at 23,000, below which the index might fall towards 22,700. On the higher end, resistance is placed at 23,200. Vipin Kumar said the Nifty continued its downward move towards the 23,000-spot level amid a sharp spike in US bond yields and crude oil prices, following a brief bounce-back rally towards the price resistance zone of 23,450–23,600. According to him, the chart structure remains negative as long as the index trades below the 23,500–23,600 spot zone on a closing basis. Price support is placed around the 23,100–23,000 spot levels on the downside, and a decisive close below this zone would be considered a negative development that could drag the index lower towards 22,500–22,400 in the near term, he added. Sachin Gupta, VP – Technical Research at Choice Equity Broking Private Limited, highlighted that the 73,000–73,250 zone will be crucial for the Sensex to prevent further deterioration, while the 73,850–74,000 region is expected to act as an immediate hurdle. A sustained move above 74,000 could provide some relief and improve the near-term structure, whereas a decisive break below 73,000 may extend the prevailing weakness, he noted. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions. Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends. 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