Markets remained deep in the red through midday trade on Friday, with no signs of recovery as geopolitical tensions surrounding the US–Iran conflict, elevated crude oil prices, and broad-based institutional selling continued to weigh on investor sentiment.
At 12.50 pm, the BSE Sensex was trading at 74,081.69, down 1,191.76 points or 1.58%, while the NSE Nifty 50 was at 22,959.80, lower by 346.65 points or 1.49%. The Nifty has slipped below the critical 23,000 mark, a level that analysts had flagged as key near-term support.
Market breadth reflected the broad selloff. Of 4,349 BSE stocks traded, only 847 advanced while 3,342 declined, with 160 unchanged. A total of 575 stocks hit fresh 52-week lows against just 55 touching 52-week highs. Stocks in the lower circuit numbered 210, against 95 in the upper circuit.
Brent crude was trading at $108.01 per barrel, keeping inflation and current account deficit concerns alive. India VIX, a measure of market volatility, stood at 24.64, indicating elevated anxiety among traders. The Put-Call Ratio was at 0.95, pointing to a broadly neutral-to-cautious derivatives positioning.
Aviation, energy, and financial stocks bore the sharpest losses. IndiGo fell 4.14% to ₹4,116.80 from a previous close of ₹4,294.70, directly reflecting the fuel cost pressure from elevated crude. Reliance Industries dropped 4.11% to ₹1,355.00 against ₹1,413.10. TVS Motor Company declined 4.62% to ₹303.25 from ₹317.95. Shriram Finance shed 4.38% to ₹914.10 from ₹956.00, while Bajaj Finance fell 3.85% to ₹848.80 from ₹882.75.
On the gainers’ side, energy major ONGC bucked the trend, rising 4.24% to ₹281.65 from ₹270.20, benefiting from higher crude realisations. TCS added 1.84% to ₹2,421.20 against ₹2,377.40, and Wipro gained 1.31% to ₹191.52 from ₹189.05, as IT stocks drew selective buying on rupee depreciation tailwinds. Nestle India edged up 0.78% to ₹1,213.50 from ₹1,204.10, while Power Grid Corporation rose 0.64% to ₹296.90 from ₹295.00.
Institutional flow data from the previous session showed FIIs as net sellers to the tune of ₹1,805 crore, while DIIs provided partial support with net purchases of ₹5,430 crore. Analysts tracking institutional positioning noted conviction building in financials, real estate, and domestic capital goods names that are seen as more insulated from global risk factors, provided crude does not breach $110 per barrel — a level that would pressure rate-sensitive sectors by potentially forcing the RBI to delay any rate cuts.
With roughly two-and-a-half hours left in the session, the market’s direction will likely hinge on any fresh headlines from West Asia and the movement of crude oil prices through the afternoon.