Markets recovered a large chunk of their early losses by midday on Wednesday, with the trading nearly flat at 23,611, down just 6.75 points or 0.03 per cent from its previous close of 23,618, after opening sharply lower at 23,457. The similarly pared losses to trade at 75,161, down 39.85 points or 0.05 per cent at noon, against its previous close of 75,200 and an opening of 74,806.
The recovery came despite persistent macro headwinds. The , approaching the psychologically significant 97 mark, driven by elevated crude oil prices, firm dollar demand, and cautious foreign institutional flows. Ponmudi R, CEO of Enrich Money, said the sharp depreciation is “raising concerns over imported inflation and rising input costs for corporates.”
On the BSE, market breadth tilted positive by noon. Of 3,996 stocks traded, 1,805 advanced against 1,976 declines, with 215 unchanged. Seventy-three stocks hit 52-week highs while 32 touched 52-week lows. In circuit activity, 111 stocks were locked in upper circuits and 124 in lower circuits.
Gainers and losers
Metals and energy led the recovery on the Nifty 50. Hindalco was the top gainer, surging 3.61 per cent to ₹1,086.10 on volumes of over 62 lakh shares worth ₹67,034 crore. Bajaj Auto rose 1.95 per cent to ₹10,404.50, while Reliance Industries gained 1.86 per cent to ₹1,347.30 on heavy volumes worth ₹79,686 crore. ONGC added 1.08 per cent to ₹299.70, and M&M, which was among the morning’s biggest losers, reversed course to rise 1.06 per cent to ₹3,125.
On the losing side, defence stock BEL was the biggest Nifty laggard, falling 2.86 per cent to ₹410.85 on volumes of over 1.73 crore shares. Tata Steel continued its slide, down 2.26 per cent to ₹204.55. Eternal declined 1.16 per cent to ₹244.34, Nestle India fell 1.15 per cent to ₹1,415, and JSW Steel slipped 0.92 per cent to ₹1,273.40.
Crude oil remained a key market variable. MCX Crude Oil opened with a mild gap-up and traded above the ₹10,000 mark, while US Oil held in the $103–$104 range. Ponmudi R noted the near-term bias for crude remains “cautiously bullish, with ongoing West Asia developments” continuing to drive supply disruption fears around the Strait of Hormuz.
In commodities, COMEX Gold traded in the $4,450–$4,480 range with a weak undertone, while MCX Gold held above ₹1,58,000 after slipping below the previous session’s low in early trade. COMEX Silver traded on a weak note within the $73–$74 range, and MCX Silver held above ₹2,67,000 after a sharp gap-down open.
On the currency front, the USD/INR pair traded in the ₹96.80–₹96.90 zone, with immediate resistance at ₹97–₹97.20. Ponmudi R flagged that “any meaningful intervention by the Reserve Bank of India could help moderate volatility in the near term” should the pair breach the ₹97 level.
Technically, Nifty’s recovery from the 23,400 support zone is being watched closely. The 23,600 level now acts as immediate resistance, coinciding with the gap-down breakdown point from the morning open, while the broader 23,700–23,800 zone remains the key supply area that the index would need to reclaim for sentiment to improve. With roughly two and a half hours left in the session, traders remain watchful of any fresh geopolitical headlines from the West Asia that could quickly shift direction.