Benchmarks remained volatile in mid-session trade on Tuesday, with the and trading lower amid weakness in IT stocks even as the broader market outperformed. As of 12.30 pm, the BSE Sensex was at 76,668.21, down 60.16 points or 0.08 per cent from its previous close of 76,728.37. The NSE Nifty 50 stood at 23,935.20, down 11.05 points or 0.05 per cent from its previous close of 23,946.25.
BSE market breadth remained positive, with 1,534 stocks advancing against 806 declines out of 2,487 stocks traded, while 147 remained unchanged. A total of 62 stocks hit their 52-week highs and 22 touched 52-week lows. Separately, 47 stocks were in the upper circuit and 55 in the lower circuit.
The broader market continued to outperform the benchmarks, with the Nifty Midcap 100 trading 0.33 per cent higher and the Nifty Smallcap 100 up 0.87 per cent, according to SBI Securities.
Among Nifty gainers at midday, Maruti Suzuki extended its early gains to rise 4.87 per cent to ₹14,065.00, Tata Motors Passenger Vehicles climbed 2.88 per cent to ₹355.00, Titan Company gained 2.68 per cent to ₹4,392.00, Bajaj Finance advanced 2.04 per cent to ₹996.00, and Adani Ports rose 1.58 per cent to ₹1,804.20.
On the losing side, Eicher Motors fell 3.91 per cent to ₹7,135.50, Tata Consumer Products declined 3.46 per cent to ₹1,074.30, TCS dropped 2.71 per cent to ₹2,041.00, Infosys slipped 2.58 per cent to ₹1,010.00, and Wipro fell 2.37 per cent to ₹171.32, as IT stocks continued to weigh on sentiment after declining nearly 2 per cent in early trade.
Ponmudi R, CEO of Enrich Money, said weakness was “particularly evident in the IT sector, which declined nearly 2% in early trade, weighing on the broader market sentiment.” He added that Iran had described the situation around the Strait of Hormuz as “sensitive and complex,” even as the United States sent officials to Qatar for fresh talks.
The Indian rupee traded in the 94.5–94.6 range against the US dollar, reflecting what Ponmudi described as “a cautious risk environment and persistent global uncertainty.” Crude oil held in the $70–71 per barrel range, with US Oil consolidating near the $70 zone amid ongoing developments related to the Middle East and the Strait of Hormuz.
On the technical front, SBI Securities noted the Nifty has been trading between its 50-day and 100-day EMAs for the past two weeks, with support in the 23,860–23,840 zone and resistance at 23,840-24,060. A break below 23,840 could expose support at 23,710–23,730, while a move above 24,060 could extend the rally towards 24,280. Sensex support was placed at 76,400 and resistance at 77,200. Nifty’s advance-decline ratio stood at 25:25.
Option chain data showed meaningful call writing at the 24,000 and 24,100 strikes, while substantial open interest on the put side was seen at 23,900, followed by the 23,800 strike.
In commodities, COMEX Gold traded below the $4,000 mark, while MCX Gold slipped below ₹1,41,000. COMEX Silver traded below $58, with MCX Silver near ₹2,21,000.