Markets remained under pressure in afternoon trade Monday, with both benchmark indices trading in negative territory as elevated crude oil prices and ongoing US-Iran tensions continued to weigh on investor sentiment.
At 12.45 pm, the Sensex was trading at 73,166.58, down 152.97 points or 0.21 per cent from its previous close of 73,319.55. The Nifty 50 was at 22,691.25, down 21.85 points or 0.10 per cent from its previous close of 22,713.10, after opening at 22,780.30. Both indices had opened marginally higher before slipping into the red.
On the BSE, 2,714 stocks advanced against 1,441 declines, with 202 unchanged. As many as 68 stocks hit 52-week highs while 79 touched 52-week lows. There were 274 stocks in the upper circuit and 164 in the lower circuit.
Reliance Industries was the biggest drag on the Nifty, falling 4.32 per cent to ₹1,292.10 against its previous close of ₹1,350.50 on heavy volumes of over 1.68 crore shares. ONGC dropped 1.98 per cent to ₹281.50, reflecting the market’s concern that rising crude prices do not automatically translate into gains for domestic energy producers amid regulatory uncertainty. IndiGo fell 1.94 per cent to ₹4,112, JSW Steel declined 1.91 per cent to ₹1,119.50, and Max Healthcare shed 1.27 per cent to ₹932.60.
On the gaining side, Trent surged 6.53 per cent to ₹3,782.40, touching an intraday high of ₹3,804, with over 33 lakh shares changing hands. Titan rose 3.12 per cent to ₹4,225, Coal India gained 2.36 per cent to ₹459.95, Axis Bank advanced 2.11 per cent to ₹1,223.20, and Bajaj Auto added 1.75 per cent to ₹8,911.50.
Crude oil remained the central market driver. MCX crude was holding above ₹10,350, while US oil hovered near $110–$112 per barrel, close to a critical resistance zone. “As long as crude prices stay elevated and geopolitical uncertainty persists, confidence is likely to remain constrained,” said Ponmudi R, CEO of Enrich Money. “In the near term, markets appear reactive rather than directional.”
On currencies, the rupee had cooled from highs near 94.80 to trade around 92.80–93, supported by RBI intervention. Gold on COMEX was trading in the $4,650–$4,700 range, while MCX Gold hovered around ₹1,48,000–₹1,49,000, with selling visible at higher levels.
“Each bounce is encountering resistance,” Ponmudi R noted, adding that the 22,800 zone was emerging as an immediate supply area on the Nifty, with 23,000 remaining a critical hurdle for any meaningful recovery.
With the RBI’s Monetary Policy Committee meeting this week — its first since the conflict broke out — and Trump’s Iran deadline set for Tuesday evening EST, traders were keeping positions light and hedged ahead of potentially market-moving developments in the hours ahead.