Markets extended their morning gains through midday trade on Thursday, with the trading at 75,405.46, up 796.48 points or 1.07 per cent, and the at 23,681.60, up 269 points or 1.15 per cent, as of 12.43 PM. Despite the headline gains, the rally remained uneven, with advances and declines nearly split — of 4,159 BSE stocks traded, 1,945 advanced while 2,018 declined, and 99 stocks hit 52-week highs against 47 touching 52-week lows.
On the Nifty 50, Adani Enterprises led gainers, surging 7.09 per cent to ₹2,675, followed by Cipla at 6.17 per cent to ₹1,409.50. Bharti Airtel gained 3.37 per cent to ₹1,849.50, Dr. Reddy’s rose 2.80 per cent to ₹1,300.70, and HDFC Bank advanced 2.54 per cent to ₹768.65. IT stocks bore the brunt of selling, with HCL Technologies falling 3.42 per cent to ₹1,104.10 and Tech Mahindra declining 3.31 per cent to ₹1,329.50. Infosys dropped 2.81 per cent to ₹1,091.50, TCS slipped 2.55 per cent to ₹2,214.90, and Nestle India edged lower 0.55 per cent to ₹1,460.80.
A key development supporting broader sentiment was a reported agreement between the US and China that no nation should impose shipping tolls in the Strait of Hormuz. While the development provided some relief, it stopped short of resolving the underlying US-Iran conflict, keeping risk appetite measured. Crude oil remains above the $100 mark, with US Oil consolidating in the $100–$105 range. MCX Crude Oil is trading in the ₹9,700–₹9,800 zone, with immediate resistance at ₹9,900–₹10,000.
The rupee continued to press against record lows, trading above ₹95.7 against the dollar. “A sustained move above ₹95.80 could extend rupee weakness to break the ₹96 level, with ₹96.50 becoming a possibility,” said Ponmudi R, CEO of Enrich Money. On the upside, a pullback could find support at ₹95.30–₹95.10 unless the central bank intervenes.
Gold and silver remained in focus as safe-haven demand persisted. COMEX Gold is trading in the $4,680–$4,720 range, with a move above $4,760–$4,780 needed to push prices toward $4,850–$4,900. MCX Gold is trading near ₹1,61,500–₹1,62,000, with resistance at ₹1,62,000–₹1,63,000 and support at ₹1,58,000–₹1,57,000. COMEX Silver is holding the $87–$88 zone, while MCX Silver is trading in the ₹2,94,000–₹2,96,000 band with resistance at ₹3,00,000–₹3,02,000.
Technically, the Nifty opened with a gap-up near 23,535 but continues to face resistance around the 23,600 zone. A sustained breakout above this level could push the index toward 23,800, with the broader 23,900–24,000 band acting as stronger resistance. The 23,300–23,150 range remains crucial support. Bank Nifty opened near 53,678 and faces resistance at 53,900–54,100, with support at 53,200–53,000.
With roughly three hours left in the session, traders are watching whether Nifty can hold above 23,600 into the close. Institutional flows, crude oil prices, and any fresh geopolitical headlines from the Middle East remain the primary triggers for the remainder of the day.