Markets deepened their losses through midday trade on Tuesday, with the Nifty 50 sliding to 23,517.35 — down 298.50 points or 1.25 per cent — as of 12.40 pm, extending a three-session losing streak. The Sensex was trading at 74,962.82, lower by 1,052.46 points or 1.38 per cent at the same time. The indices, which had opened weak following a gap-down start, continued to drift lower through the session, slipping further below the 23,800 support level that analysts had flagged as critical in the morning.
The information technology sector bore the brunt of the selling. was the biggest Nifty loser, falling 4.04 per cent to ₹2,296.30. and both shed 3.93 per cent, trading at ₹1,148.00 and ₹1,130.70, respectively. Tech Mahindra declined 3.72 per cent to ₹1,403.20. Shriram Finance was also among the top losers, down 3.38 per cent to ₹943.00, reflecting stress in financial stocks beyond the banking sector.
Ponmudi R, CEO of Enrich Money, a SEBI-registered trading and wealth-tech firm, noted that the IT sector witnessed sharp weakness of more than 3 per cent at the open “…amid continued pressure from weak global technology cues and cautious investor positioning.”
On the gainers’ side, ONGC continued to be the standout performer, rising 5.43 per cent to ₹296.25 on the back of elevated crude oil prices. Hindalco gained 1.64 per cent to ₹1,040.30. NTPC added 0.52 per cent to ₹395.00, Eicher Motors was up 0.41 per cent at ₹7,232.00, and Bharti Airtel inched up 0.25 per cent to ₹1,764.20 — indicating selective buying in energy, metals, and telecom, even as the broader market remained under pressure.
On the currency and commodity front, the USD/INR pair remained near ₹95.30, close to all-time highs, with analysts warning that a sustained move above ₹95.50 could open the door to the ₹96 zone. MCX Crude Oil was trading in the ₹9,400–₹9,500 range, with US oil hovering near the $99 mark and approaching the psychologically significant $100 level. Brent crude had surged to $105 per barrel overnight after the collapse of US–Iran ceasefire talks. Supply disruption concerns linked to the Strait of Hormuz continue to keep energy markets on edge.
Safe-haven commodities reflected the unease. MCX Gold broke out of recent consolidation, trading near ₹1,54,000 with a cautiously bullish bias, while MCX Silver was sustaining above ₹2,80,000. On the international front, COMEX Gold was approaching the $4,720–$4,760 resistance zone and COMEX Silver was trading in the $86–$87 band, with geopolitical tensions underpinning both metals.
Bank Nifty opened near 54,179 and continued to trade with a negative undertone, with the 54,000 level remaining a key near-term support. A break below that could drag the index toward the 53,800–53,600 zone, while the 54,800–55,000 range is seen as the immediate resistance on any recovery attempt.
Markets are awaiting the release of India’s April CPI inflation data, which will be a key input for the Reserve Bank of India’s policy trajectory. With India VIX elevated near 18.55 and the rupee near record lows, sentiment is likely to remain fragile through the afternoon session, with geopolitical developments, crude oil movement, and the inflation print serving as the dominant triggers into the close.