Benchmarks reversed early morning gains to trade sharply lower by midday on Wednesday, with the BSE Sensex shedding 898.76 points or 1.15 per cent to 77,307.22 and the NSE Nifty 50 falling 249.70 points or 1.03 per cent to 24,011.90 as of 12.30 PM IST, against their previous closes of 78,205.98 and 24,261.60 respectively. The morning session had begun with marginal gains on select buying in metals, energy and pharmaceuticals, but broader selling pressure accelerated through the mid-session, pulling both indices well below their opening levels.
The selloff was broad-based but concentrated in banking, financial services and automobiles. Bajaj Finance was the steepest Nifty loser, falling 4.42 per cent to ₹898.25 from a previous close of ₹939.80, on volumes of over 42.90 lakh shares. Bajaj Finserv declined 3.07 per cent to ₹1,810.40 from ₹1,867.80, while Mahindra & Mahindra dropped 3.06 per cent to ₹3,193.00 from ₹3,293.70. Axis Bank shed 2.86 per cent to ₹1,277.10 from ₹1,314.70, and Bajaj Auto fell 2.36 per cent to ₹9,383.00 from ₹9,610.00.
Sectoral indices reflected the stress. The Nifty Bank fell 892.15 points or 1.57 per cent to 56,056.65, while the Nifty Financial Services index lost 475.75 points or 1.79 per cent to 26,059.45 — the steepest sectoral declines of the session. The Nifty Midcap 100 eased 235.15 points or 0.41 per cent to 56,943.70, though the Nifty Smallcap 100 bucked the trend with a marginal gain of 73.80 points or 0.45 per cent to 16,547.60.
Against the grain, a handful of defensive and energy counters held firm. Jio Financial Services gained 1.74 per cent to ₹240.10 from ₹236.00, and Coal India rose 1.72 per cent to ₹451.20 from ₹443.55. NTPC added 1.36 per cent to ₹382.45 from ₹377.30, Wipro advanced 1.23 per cent to ₹203.40 from ₹200.93, and Sun Pharmaceutical Industries climbed 1.17 per cent to ₹1,834.10 from ₹1,812.80.
On the BSE, 4,191 stocks were traded, with 2,270 advancing and 1,723 declining. 66 stocks hit 52-week highs while 122 touched 52-week lows, signalling a deteriorating breadth beneath the headline numbers. 166 stocks were locked in upper circuits and 139 in lower circuits.
The macro backdrop remained unsettled. Crude oil prices, which had briefly spiked toward $119 per barrel earlier in the week, stabilised in the $80–$88 range on reports of a coordinated International Energy Agency emergency reserve release, though traders remained alert to fresh Middle East developments. The USD/INR pair hovered near the 91.80–92 range, with the rupee under pressure from oil-driven demand for the dollar and sustained foreign institutional selling.
Ponmudi R, CEO of Enrich Money, a SEBI-registered wealth-tech firm, noted that sentiment remains fragile. “Indian equity markets are trading with a cautious undertone…while recent indications of easing tensions in the Middle East have provided some temporary relief to global markets, sentiment remains fragile as uncertainty surrounding the region persists,” he said, adding that crude oil price volatility remains a key macro variable given India’s heavy dependence on energy imports and its implications for inflation, currency stability and investor sentiment. “Until clearer global triggers emerge, markets are likely to remain range-bound with intermittent bouts of volatility,” he added.
Gold held a firm footing amid the uncertainty. COMEX Gold was trading in the $5,000–$5,300 range following a run to record highs, while MCX Gold futures consolidated in the ₹1,55,000–₹1,65,000 band. Technically, analysts placed immediate Nifty support at 24,000–24,100, with resistance at 24,300–24,350. A break below 24,000 could open a path toward the 23,800 zone, analysts said, while a recovery above 24,300 would be required to signal near-term stabilisation. For the Bank Nifty, 56,000 is now a closely watched floor, with resistance seen at 57,100–57,700.