Markets extended their cautious tone into the afternoon session Tuesday, with both headline indices trading in negative territory as of 12:50 PM. The Sensex was down 294.51 points or 0.38 per cent at 77,009.12, while the Nifty 50 slipped 60.35 points or 0.25 per cent to 24,032.35.
Market breadth on the BSE remained broadly positive, with 2,079 stocks advancing against 1,382 declines and 196 unchanged. Among BSE-listed stocks, 105 hit 52-week highs while 17 touched 52-week lows, with 111 stocks locked in upper circuits and 77 in lower circuits.
Energy stocks emerged as the standout performers in afternoon trade, driven by elevated crude oil prices. ONGC led Nifty 50 gainers with a 3.99 per cent rise to ₹297.30, its highest trading point of the day at ₹297.85, on heavy volumes of over 2.5 crore shares worth ₹73,619 crore. Coal India followed with a 3.18 per cent gain to ₹466.90, touching an intraday high of ₹473.90. Adani Enterprises rose 2.26 per cent to ₹2,374.20, Grasim Industries added 1.66 per cent to ₹2,824.40, and Nestlé India gained 1.43 per cent to ₹1,437.50.
“…crude oil prices continue to stay elevated, with Brent trading in the $105–110 per barrel range, posing a key risk to inflation and weighing on overall market sentiment…market direction in the near term is likely to hinge on oil price trends and developments on the geopolitical front,” said Ponmudi R, CEO of Enrich Money.
On the losing side, Eternal Ltd was the worst performer on the Nifty 50, falling 3.32 per cent to ₹247.01 on volumes exceeding 4.12 crore shares, making it one of the most actively traded counters by value at ₹1,02,433 crore. Axis Bank declined 2.35 per cent to ₹1,293.10 as PSU and private banking stocks came under broad selling pressure. IndiGo dropped 2.33 per cent to ₹4,455.00 amid sustained concerns over elevated jet fuel costs, while Shriram Finance fell 2.30 per cent to ₹952.25. HCL Technologies slipped 2.12 per cent to ₹1,202.20, adding to pressure on the IT sector.
Bank Nifty opened with a gap-down near 55,865, with the 56,000–55,800 zone now acting as a key support band. “…a breach below this range could trigger further weakness toward the 55,500–55,200 levels…momentum indicators such as RSI, hovering around the 50–55 range, suggest a neutral bias,” Ponmudi R added.
In commodities, MCX Crude Oil was trading near ₹9,200, consolidating in a volatile ₹8,900–₹9,200 range, while US Oil held near $97, approaching the $100 psychological mark. MCX Gold was trading above the ₹1,50,000–₹1,51,000 range, with COMEX Gold hovering between $4,650–$4,700. The rupee was under pressure, with USD/INR near ₹94.20, with persistent dollar demand keeping depreciation risks alive toward ₹94.50–₹94.80.
FII selling continued to weigh, with foreign investors having offloaded ₹1,152 crore in Monday’s session. Domestic institutional investors remain the primary support, though their buying has so far only partially cushioned the decline. With approximately three hours left in the session, traders are watching the 23,900 support level on Nifty closely, as a break below it could accelerate selling into the close.