Indian equity markets continued to face downward pressure during Tuesday's midday trade, with both benchmark indices extending losses amid cautious market sentiment. The Nifty 50 slipped below the psychologically important 24,200 level, while the Sensex extended its losses as crude oil prices remained firm and geopolitical tensions showed no signs of easing.
As of 1.05 pm, the Sensex traded at 77,339.36, down 388.80 points or 0.50 per cent from its previous close of 77,728.16. The Nifty 50 stood at 24,186.40, lower by 101.25 points or 0.42 per cent compared to Monday's close of 24,287.65. This downturn puts both indices on course for a sixth consecutive session of losses.
Market breadth on the BSE remained negative. Out of 4,312 traded stocks, 2,267 declined while 1,828 advanced. A total of 199 stocks hit lower circuits against 178 touching upper circuits, and 75 stocks recorded 52-week lows compared to 162 hitting 52-week highs, reflecting a cautious undertone across the broader market.
The information technology sector bore the heaviest pressure throughout the session. Infosys emerged as the biggest loser among Nifty 50 stocks, falling 2.34 per cent to ₹1,113.20. HCL Technologies shed 2.05 per cent to ₹1,297.80, and Tech Mahindra slipped 1.75 per cent to ₹1,581.90. Asian Paints recorded the steepest decline on the index, dropping 2.40 per cent to ₹2,622.90, while Tata Motors' passenger vehicle arm TMPV declined 1.85 per cent to ₹324.10.
Conversely, automobiles and financials provided pockets of support to the broader market. Mahindra & Mahindra led the gainers, rising 0.98 per cent to ₹3,423.60 on heavy trading volumes exceeding ₹26,751 crore. Other supporting heavyweights included retail chain Trent, which gained 0.96 per cent to ₹2,974.30, Axis Bank, which rose 0.77 per cent to ₹1,236.80, Bajaj Finance, which advanced 0.73 per cent to ₹1,097.20, and Reliance Industries, which edged up 0.54 per cent to ₹1,323.10.
Macroeconomic factors continued to influence market direction. WTI crude oil traded near $84.40 per barrel after breaking out of its previous $81–$83 range, while MCX Crude Oil hovered near ₹8,150. Meanwhile, the Indian rupee weakened further to around ₹95.65 against the US dollar as the USD/INR pair moved above its ascending trendline. Precious metals also saw a pullback, with COMEX Gold trading near $4,449.10 and COMEX Silver falling 1.41 per cent to $65.295.
Technically, the Nifty 50's breach of the 24,200 mark, where the 50-day and 100-day EMAs converge, is being closely monitored by market participants. The Relative Strength Index (RSI) has declined to around 47, indicating that bearish momentum is gradually strengthening. Analysts note that the index needs to reclaim the 24,400 level to stabilise its near-term structure, failing which selling pressure could extend toward 24,000. Bank Nifty held above its 57,200–57,100 support zone at midday, requiring a move above 57,500 to stage a meaningful recovery amid weekly derivatives expiry-led volatility.
"The current market correction reflects a combination of global headwinds, including elevated crude oil prices and currency depreciation, alongside persistent selling pressure in key sectors like IT. For businesses and investors, such phases underline the importance of capital preservation and maintaining a long-term strategic horizon. Market participants should closely monitor key technical support levels and macroeconomic indicators rather than reacting to short-term intraday volatility." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
