Markets extended their morning losses through the afternoon session on Tuesday, with the Sensex trading at 76,741.81, down 527.59 points or 0.68 per cent, and the Nifty 50 at 23,963.50, down 155.80 points or 0.65 per cent, as of 12.40 pm — slipping below the psychologically significant 24,000 mark that analysts had flagged as a critical support zone at the open.
Broader market breadth reflected the selling pressure. Of 4,174 BSE stocks traded, 2,220 declined against 1,735 advances, with 219 unchanged. The session also saw 128 stocks hit 52-week highs while 23 touched 52-week lows. Stocks in upper circuit numbered 150 against 131 in lower circuit.
Banking stocks bore the brunt of the selloff. HDFC Bank was the top loser on the Nifty50, falling 1.80 per cent to ₹765.35 from a previous close of ₹779.40, trading the highest value on the exchange at ₹1,21,811.41 lakhs. ICICI Bank dropped 1.64 per cent to ₹1,249.90 from ₹1,270.80. Food delivery platform Eternal slid 1.73 per cent to ₹247.54 from ₹251.90. Coal India fell 1.48 per cent to ₹472.85 from ₹479.95, and Tech Mahindra declined 1.48 per cent to ₹1,449.80 from ₹1,471.60, adding to the IT sector’s continued underperformance through the session.
Ponmudi R, CEO of Enrich Money, noted at the open: …”Elevated crude oil prices, hovering in the $100–105 per barrel range, remain a key overhang, intensifying concerns around inflation, India’s import bill and the broader macroeconomic outlook, thereby capping any meaningful recovery.”…
Against the broader decline, select counters held firm. Mahindra & Mahindra was the top Nifty50 gainer, rising 1.31 per cent to ₹3,147.10 from a previous close of ₹3,106.50, with over 22.86 lakh shares changing hands worth ₹71,014.92 lakhs. Hindalco gained 0.96 per cent to ₹1,052.70 from ₹1,042.70. In the insurance space, HDFC Life rose 0.84 per cent to ₹593.30 and SBI Life gained 0.71 per cent to ₹1,833 from ₹1,820.10. Nestle India edged up 0.53 per cent to ₹1,464.80 from ₹1,457.10.
On commodities, COMEX Gold is trading above the $4,500–$4,530 support zone, with immediate resistance at $4,640–$4,670. MCX Gold is holding within the ₹1,49,000–₹1,50,000 range with resistance at ₹1,51,000–₹1,52,000. MCX Crude Oil is consolidating near ₹9,950–₹10,000, with the near-term bias remaining cautiously bullish driven by Strait of Hormuz supply disruption risks. The rupee continued to weaken, with USD/INR breaking above ₹95.30–₹95.40 and charting fresh all-time highs, with ₹96 the next level to watch if ₹95.50 holds.
Ponmudi added: …”Near-term market sentiment remains cautious to negative and largely news-driven, with elevated volatility and downside risks likely to persist unless geopolitical tensions show signs of easing.”…
With the market still nearly three hours from the closing bell, traders are watching whether Nifty can reclaim the 24,000 mark, which Kotak Securities had identified in the morning as the line between positive momentum and a potential retest of 23,800. The earnings calendar — with results due from Larsen & Toubro, Mahindra & Mahindra, and others — remains the key domestic trigger that could shift sentiment in either direction before close.