Markets reversed their early morning gains by midday on Thursday, with both benchmark indices trading in negative territory as of 12.30 PM. The BSE was at 77,925.60, down 32.92 points or 0.04 per cent from its previous close of 77,958.52, after having opened at 78,339.24 in the morning. The was at 24,355.25, up just 24.30 points or 0.10 per cent from its Wednesday close of 24,330.95, though well below the gap-up open at 24,398.50 that traders had anticipated based on strong overnight global cues.
The morning’s optimism — driven by a Wall Street rally to record highs on US-Iran ceasefire hopes and an artificial intelligence stock surge led by Nvidia and AMD — failed to sustain through the first half of the Indian trading session. Of 4,211 stocks traded on BSE by midday, advances stood at 2,685 against 1,313 declines, with 213 stocks unchanged. A total of 180 stocks hit 52-week highs while 16 touched 52-week lows.
Among the top Nifty50 gainers at midday, HDFC Life Insurance was the standout performer, rising 3.61 per cent to ₹628.25 against a previous close of ₹606.35, after opening at ₹611. Bajaj Auto surged 3.40 per cent to ₹10,670 from a previous close of ₹10,319. Mahindra & Mahindra advanced 2.42 per cent to ₹3,380.80 against a previous close of ₹3,300.80. Grasim Industries added 1.62 per cent to ₹2,962 from ₹2,914.80, and NTPC gained an equal 1.62 per cent to trade at ₹401.25 against a previous close of ₹394.85.
On the losing side, Titan Company was the worst performer in the Nifty50, declining 1.73 per cent to ₹4,284 from its previous close of ₹4,359.60. Hindustan Unilever fell 1.45 per cent to ₹2,283.60 against a previous close of ₹2,317.10. TCS dropped 1.08 per cent to ₹2,409.20 from ₹2,435.40, while Nestle India slipped 1.06 per cent to ₹1,470.40 against a previous close of ₹1,486.10. Adani Ports shed 0.90 per cent to ₹1,732.50 from a previous close of ₹1,748.30.
The broader market context remained shaped by Wednesday’s macro developments. Foreign Institutional Investors were net sellers on Wednesday, offloading equities worth ₹5,834 crore, while Domestic Institutional Investors absorbed the selling with purchases worth ₹6,836 crore. Crude oil continued to soften, with Brent consolidating in the $95–97 range after retreating from highs above $110, providing some relief on the inflation front. The Indian rupee recorded its largest single-day gain since April 2 on Wednesday, appreciating 67 paise on the back of easing crude prices and a weaker dollar.
With approximately three hours remaining in the trading session — markets close at 3:30 PM — technical analysts flagged that Nifty needs to hold above 24,100–24,000 on the downside to preserve the current recovery structure. A move above 24,600 would be needed to extend gains toward the 24,800–25,000 range. Bank Nifty faces resistance at 56,800–57,000, with support seen at 55,200–55,400. Traders will continue to monitor geopolitical developments out of West Asia and domestic Q4 earnings results through the remainder of the session.