Markets remained in negative range at 1 pm on Thursday, with the Sensex trading at 72,111.15, down 1,023.17 points or 1.40 per cent, and the Nifty 50 at 22,380.15, down 299.25 points or 1.32 per cent from its previous close of 22,679.40. The indices had opened sharply lower — the Sensex at 72,262.05 and the Nifty at 22,383.40 — following US President Donald Trump’s televised warning that American forces would strike Iran “extremely hard” over the next two to three weeks, reversing the cautious optimism that had driven a 348-point Nifty rally just the previous session.
Of 4,152 stocks traded by midday, 2,390 had declined against 1,571 advances. A total of 147 stocks hit 52-week lows, against just 48 at 52-week highs. Lower circuit triggers outnumbered upper circuits, with 135 stocks locked in lower circuits and 181 in upper circuits.
Crude oil remained the dominant driver across markets. MCX April crude oil futures were hovering near ₹9,800, having opened with a gap up from the previous close of ₹9,253. US oil was consolidating in the $105–$107 range, with analysts noting that a sustained move above $107 could push prices toward $110–$112. The Strait of Hormuz remains largely closed, with the supply disruption estimated at 10–15 million barrels per day.
Gold and silver markets reflected the cautious tone. COMEX Gold was trading within the $4,700–$4,750 resistance band, while MCX Gold slipped below ₹1,51,000, signalling selling pressure near resistance. COMEX Silver was within the $71–$73 range, and MCX Silver opened sharply lower, trading between ₹2,30,000 and ₹2,34,000. The USD/INR pair was trading within the 93–93.3 band, down from a recent high of 94.80, partly on account of Reserve Bank of India intervention.
opened with a gap down around 50,645 and was testing the 50,000 psychological support level at midday, with the PSU banking segment under particular pressure. A break below 50,000 could drag the index toward the 49,500–49,200 zone, analysts noted.
On the, only five stocks were trading in positive territory at midday. HCL Technologies led gains, up 0.97 per cent at ₹1,367.60 against a previous close of ₹1,354.40. Hindalco Industries rose 0.93 per cent to ₹913.05 from ₹904.60, while Dr. Reddy’s Laboratories advanced 0.81 per cent to ₹1,219.40 from ₹1,209.60. Tata Consumer Products gained 0.63 per cent to ₹1,030.20 from ₹1,023.80, and Wipro edged up 0.55 per cent to ₹192.23 from ₹191.18.
The losses were led by Eternal, which tumbled 4.93 per cent to ₹224.87 from a previous close of ₹236.52, on volumes of over 3.93 crore shares worth ₹89,021.79 lakh — among the most traded by value on the exchange. Jio Financial Services fell 3.12 per cent to ₹224.70 from ₹231.93. Asian Paints declined 3.09 per cent to ₹2,157.10 from ₹2,225.80, continuing its slide from the morning session. Eicher Motors dropped 2.69 per cent to ₹6,642.00 from ₹6,825.50, while Adani Enterprises lost 2.69 per cent to ₹1,793.00 from ₹1,842.50.
With markets closed on Friday for Good Friday, traders are expected to remain cautious through the afternoon session, particularly in the derivatives segment, as holding overnight positions across a long weekend in the current geopolitical climate carries heightened risk. The next clear directional cue for markets will depend on further developments from Washington and Tehran.