turned sharply lower by midday on Tuesday, with the Nifty 50 slipping below the crucial 24,000 mark after early consolidation gave way to heavy selling in information technology and metals. At 12.35 pm, the was trading at 76,569.98, down 524.09 points or 0.68 per cent, while the was at 23,937.05, down 165.85 points or 0.69 per cent — near the day’s low.
The broader market reflected the weakness, with declines outpacing advances significantly on the . Of 4,232 stocks traded, 2,556 declined against 1,482 advances, with 194 unchanged. However, 176 stocks hit 52-week highs against 36 at 52-week lows, suggesting the damage remained largely concentrated in index heavyweights.
IT stocks bore the brunt of the selling. fell 3.03 per cent to ₹2,063.40 on volumes of 35.46 lakh shares worth ₹73,821.05 lakhs, after opening at ₹2,111. declined 2.97 per cent to ₹1,033.80, with over 1.09 crore shares changing hands worth ₹1,13,176.93 lakhs — the highest traded value on the Nifty 50. Wipro dropped 2.47 per cent to ₹175.73, opening at ₹179.50 on volumes of 1.21 crore shares.
Metals joined the selloff. fell 2.76 per cent to ₹986.20 after opening at ₹999, while declined 2.36 per cent to ₹194.28 on heavy volumes of 1.37 crore shares worth ₹26,862.85 lakhs.
Pharma bucked the broader trend and remained the standout performer of the session. Cipla led gains on the Nifty 50, rising 2.56 per cent to ₹1,452 with over 37.20 lakh shares traded worth ₹53,831.39 lakhs. Sun Pharmaceutical advanced 1.23 per cent to ₹1,885.80 on volumes of 15.89 lakh shares, while Dr. Reddy’s Laboratories gained 0.83 per cent to ₹1,301.40. Shriram Finance added 0.59 per cent to ₹998.70, and Asian Paints edged up 0.48 per cent to ₹2,663.80.
According to SBI Securities, the Nifty now faces a crucial support zone at 23,960–23,980, while resistance lies at 24,210–24,230. A slip below 23,960 could drag the index further to 23,840–23,800. On the options front, meaningful call writing was seen at 24,100 and 24,200 strikes, while the 24,000 put strike holds substantial open interest, followed by the 23,900 strike — suggesting traders are hedging for further downside. The Nifty’s advance-decline ratio stood at 26:24, reflecting near-even participation.
On Bank Nifty, the index opened near 57,933 and the 58,000 level continues to act as immediate resistance. Support is placed at 57,700, below which the index could head towards 57,500–57,400. For the Sensex, support is seen at 76,400 while resistance sits at 77,400.
On commodities, COMEX Gold is trading with a weak undertone near the $4,220–$4,240 resistance zone. MCX Gold opened with a gap down, holding above ₹1,46,500 with resistance at ₹1,48,000–₹1,48,400. COMEX Silver slipped to around $63, with a break lower potentially opening the way to $61–$60. MCX Silver opened sharply lower near ₹2,28,000, with resistance at ₹2,30,500–₹2,31,600. MCX Crude Oil opened near ₹7,000 following a breakdown below a long-term ascending trendline, with immediate support at ₹6,970. The rupee opened nearly flat near ₹94.65–₹94.6 against the dollar, with resistance at ₹94.7–₹94.75.
On the macro side, crude oil in international markets continued to soften in the $73–$74 per barrel range, a positive for India’s trade deficit and inflation outlook. Progress in U.S.–Iran negotiations continued to provide a supportive undertone for global risk sentiment, though a formal conclusion of the agreement is still awaited. U.S. Trade Representative Jamieson Greer’s expected visit to India this week for trade talks with Commerce Minister Piyush Goyal is also being tracked by markets for signals on a bilateral trade agreement.