Indian equity markets have entered correction territory, with both the NSE Nifty and the broader market indices, Nifty Midcap 100 and Nifty Smallcap 100, declining more than 10% from their all-time highs. The benchmark indices extended their losses for the seventh consecutive session, with the Nifty down over 100 points, slipping below 23,500, and the Sensex falling to around 77,580. GIFT Nifty futures traded at a discount, indicating negative opening cues. The market decline is attributed to intensifying selling pressure as investors and traders lose patience amidst weak global cues, including concerns over the U.S. market and fluctuations in the rupee. The Nifty IT index has crashed 3%, correcting over 2,600 points from its September peak, with major IT stocks like TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra leading the decline. Mid-cap and small-cap indices have also suffered, with over two-thirds of the stocks in bear territory and the small-cap index slipping below 17,500, trading at a five-month low. Analysts caution that failure to sustain the Nifty above 23,500 could exacerbate market uncertainty.