Markets remained deep in the red at mid-session on Wednesday, with the Sensex and Nifty 50 extending their morning losses as surging crude oil prices and elevated U.S. Treasury yields continued to weigh on sentiment. At 1:05 p.m., the Sensex was trading at 76,427.27, down 517.01 points or 0.67 per cent from its previous close of 76,944.28, having opened at 76,471.32. The Nifty 50 was at 23,865.75, down 190.05 points or 0.79 per cent from its previous close of 24,055.80, after opening at 23,858.00.
The Sensex slipped below the 76,500 mark for the first time since late July. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that the “weakness is also evident across the broader Asian markets, with all major indices trading in the red and registering declines in the range of 1–4 per cent.” On BSE, 2,165 stocks were declining against 1,601 advancing, with 145 stocks hitting lower circuits and 100 touching 52-week lows.
Auto stocks lead sectoral decline
The auto sector was the hardest hit on Wednesday. Eicher Motors was the worst performer on the Nifty 50, crashing 5.27 per cent to ₹7,550.00 against a previous close of ₹7,970.00 on volumes of over 7.19 lakh shares worth ₹54,819.25 lakh. Bajaj Auto fell 2.86 per cent to ₹12,007.00 from ₹12,361.00, while Mahindra & Mahindra declined 2.54 per cent to ₹3,176.10 from ₹3,259.00 on volumes worth ₹55,031.94 lakh. Higher crude prices directly raise input costs for tyre and component manufacturers, squeezing margins across the sector.
Aviation also came under pressure, with IndiGo sliding 2.16 per cent to ₹4,943.00 from a previous close of ₹5,052.00, as concerns over jet fuel costs resurfaced. Asian Paints, sensitive to crude-linked raw material costs, fell 2.10 per cent to ₹2,521.40 from ₹2,575.50.
Energy stocks buck broader market trend
Energy stocks bucked the trend, benefiting from the same crude surge that was hurting oil-consuming sectors. Coal India topped the gainers list, rising 3.55 per cent to ₹415.85 from ₹401.60, with a massive 2.84 crore shares traded worth ₹1,18,615.68 lakh, making it one of the most actively traded counters. NTPC added 1.76 per cent to ₹329.70 from ₹327.50 on volumes of 78.25 lakh shares worth ₹25,536.20 lakh. Adani Ports gained 1.42 per cent to ₹1,670.90, Power Grid rose 1.29 per cent to ₹267.95, and Adani Enterprises advanced 0.94 per cent to ₹2,890.90.
Crude oil rises, gold and silver under pressure
The commodities picture remained volatile. MCX Crude Oil was trading above ₹8,600, up 0.78 per cent, after a gap-up open, while WTI crude hovered near $90.70 after touching an intraday high of $92.29. Gold was under pressure, with COMEX gold down 1.36 per cent and holding above $4,300, while MCX gold was trading near ₹1,50,000, down 1 per cent, testing its 100-day moving average. MCX Silver was down 1.26 per cent near ₹2,32,000. Ponmudi R, CEO of Enrich Money, warned that “a sustained rise in crude prices could increase pressure on the currency and widen India’s import bill,” even as the rupee held steady near ₹94.95 against the dollar, supported by RBI intervention.
Nifty faces resistance near 23,950
On the options front, Shah noted “meaningful call writing across 23,900 and 24,000 strikes,” with the Nifty’s advance-decline ratio at a heavily skewed 6:44, reflecting broad-based selling pressure. Support for the Nifty is seen at 23,700–23,720, with a break below 23,700 potentially exposing the index to 23,550–23,570. Resistance lies at 23,930–23,950, with Sensex support at 75,900 and resistance at 76,700.