Nifty Slides 10% From Peak As Inflation Soars; Swiggy Shines, Acme Solar Stumbles

Number 13 proved ominous for Dalal Street and Nifty bulls as markets faced heavy selling pressure. Both Nifty and Bank Nifty tested their 200-DMA, reacting sharply to inflation surging to a 14-month high. The #Nifty50 index corrected 10% from its all-time high, signaling a wake-up call for bullish traders. Market breadth was heavily skewed, with the Nifty advance-decline ratio at a dismal 4:46, highlighting the bears' dominance. The broader indices, including Midcap Nifty and Small Cap, were significantly impacted, with widespread declines. Meanwhile, Swiggy made a strong market debut, listing at a 7% premium over its IPO price of ₹390 and closing 17% higher. In contrast, ACME Solar faced an unfortunate start, plunging 12% on its IPO listing day.