Markets deepened their losses through Friday’s mid-session, with the Nifty 50 sliding 272.60 points (1.13 per cent) to 23,900.45 and the Sensex shedding 974.87 points (1.26 per cent) to 76,689.13 as of 12.40 pm, with selling pressure accelerating after a weak opening.
The indices slipped to their 20-day exponential moving averages, with IT stocks bearing the brunt of the selloff. Nifty IT emerged as the worst-performing sector, crashing 4.55 per cent — its steepest intraday drop in recent sessions — dragging the broader market lower alongside it.
Infosys led the carnage among blue-chips, plunging 5.82 per cent to ₹1,168.40 from a previous close of ₹1,240.60, on extraordinarily heavy volumes of over 2.33 crore shares worth ₹2,78,370.94 lakh. TCS fell 4.47 per cent to ₹2,409.20 against a previous close of ₹2,521.80, while Tech Mahindra lost 4.28 per cent to ₹1,360.60. HCL Technologies dropped 3.56 per cent to ₹1,209.00 — notably touching a fresh 52-week low intraday — and Sun Pharma slipped 3.60 per cent to ₹1,619.70 from a previous close of ₹1,680.10.
On the brighter side, Coal India topped the Nifty 50 gainers, rising 1.13 per cent to ₹455.75 on over 1.20 crore shares. Bajaj Auto added 0.54 per cent to ₹9,602.50, Grasim Industries gained 0.53 per cent to ₹2,749.40, Eicher Motors rose 0.37 per cent to ₹7,119.00, and Nestle India edged up 0.30 per cent to ₹1,414.70.
Market breadth on the BSE told a mixed story. Of 2,667 stocks traded, 1,395 advanced against 1,103 declines, with 169 unchanged. Sixty-five stocks hit 52-week highs while 14 touched 52-week lows. Sixty-two stocks were locked in upper circuits against 47 in lower circuits.
Nifty’s Advance Decline Ratio stood at a weak 10:40, and the Put-Call Ratio came in at 0.66 — below the neutral mark of 1 — signalling bearish sentiment. Meaningful call writing was seen at the 24,000 and 24,100 strikes, while the 23,800 put had substantial open interest, followed by the 23,700 strike, suggesting traders are hedging for further downside.
According to SBI Securities, the Nifty now faces a critical support zone between 23,790 and 23,810. A breach of that level could pull the index toward 23,500–23,400. On the upside, 24,040–24,060 is the immediate resistance band, and only a sustained move above it could extend the recovery toward 24,260. For Sensex, support lies at 76,300 and resistance at 77,100.
The selling comes against a backdrop of Brent crude hovering near $106 per barrel on Hormuz disruption fears, a fourth consecutive session of FII selling — with foreign investors having offloaded ₹3,254 crore on Thursday — and a weakening rupee. With Reliance Industries’ earnings due after market close today, and India VIX elevated near 18.59, volatility is likely to persist through the remainder of the session.