Benchmark indices gave up most of their early gains by midday on Thursday, with the slipping into marginal negative territory even as stocks held firm and precious metals rebounded on softer US labour data.
The was trading at 76,593.78, up just 23.43 points or 0.03 per cent, while the Nifty 50 was at 23,913.20, down 1.25 points or 0.01 per cent, as of 12.45 pm, a sharp pullback from the positive open that had taken the Nifty close to the 24,000 mark. On the BSE, 2,436 stocks were advancing against 1,673 declining, with 234 unchanged. A total of 155 stocks hit 52-week highs while 82 touched 52-week lows.
Gainers and losers
Banking stocks remained the standout performers. Adani Ports was the top Nifty gainer, up 1.85 per cent to ₹1,703.70. Axis Bank rose 1.55 per cent to ₹1,273.30, ICICI Bank gained 1.04 per cent to ₹1,441.30, SBI advanced 0.84 per cent to ₹1,029.50, and HDFC Bank added 0.84 per cent to ₹706.70. Realty stocks also gained over 2 per cent in early trade, though the broader market failed to sustain the momentum.
Ponmudi R, CEO of Enrich Money, noted that Bank Nifty opened with a gap-up near 57,498, reclaiming its 20-day and 50-day EMAs, adding that ”a sustained move above 57,600 could further push the index towards the 58,000 psychological resistance zone.”
On the losing side, Titan fell 2.12 per cent to ₹4,966.50 from a previous close of ₹5,074.00. Cipla dropped 1.41 per cent to ₹1,392.90, extending pressure on the sector. Tech Mahindra declined 1.18 per cent to ₹1,603.90, continuing Wednesday’s weakness in . Eicher Motors fell 1.16 per cent to ₹7,622.00, reflecting continued stress in the auto segment, while Nestle India slipped 1.09 per cent to ₹1,409.50, weighing on the FMCG space.
Precious metals rebound
Precious metals saw a recovery. ADP data showed US private payrolls rose by just 38,000 in August, well below the market expectation of 47,000, signalling a cooling labour market ahead of Friday’s nonfarm payrolls report.
Renisha Chainani, Chief Research Officer at Augmont, noted that ”traders are keeping one eye on Friday’s US nonfarm payrolls report, widely seen as the next real catalyst for the Fed’s policy path.” She added that ”should Friday’s jobs numbers disappoint and September rate hike bets fade, gold could find fresh upward momentum.”
MCX Gold was up 0.90 per cent, trading above ₹1,53,500, rebounding from ₹1,50,000 after pulling back from highs of ₹1,64,000. Resistance is placed at ₹1,55,300–₹1,56,000. MCX Silver rose 0.92 per cent, trading near ₹2,39,000, with support at ₹2,36,000. On COMEX, Gold was trading with a constructive bias after stabilising near $4,330, with resistance at $4,470–$4,500. COMEX Silver was up 1.42 per cent, with resistance at $67.00–$67.50.
Oil eases
MCX Crude Oil was down marginally by 0.35 per cent, consolidating below ₹8,600, with WTI crude holding just above $91 a barrel. Chainani noted that ”senior aides to President Trump are working to prevent the Iran conflict from escalating before November’s midterms” but flagged that the White House is ”reportedly prepared to consider a more aggressive military posture once the November 3 vote is behind them.”
The rupee strengthened to ₹94.41 against the dollar, supported by RBI intervention and foreign currency inflows, trading below its 20-, 50-, and 100-day EMAs. The RSI for USD/INR was deeply oversold at 27.46, suggesting a possible short-term pullback even as the broader bias for the rupee remains firm.
Markets will watch crude oil developments, the rupee trajectory, and any further geopolitical signals through the remainder of the session.