Markets were trading in a narrow range at midday Tuesday, with the Nifty 50 at 24,091.20, up just 10.80 points or 0.04 per cent as of 12.55 pm, while the Sensex recovered to 77,098.16, gaining 140.89 points or 0.18 per cent. The indices swung between gains and losses through the morning session, held back by broad-based selling in banking and financial stocks even as IT counters provided meaningful support.
IT stocks support benchmarks
HCL Technologies led the Nifty gainers, rising 4.05 per cent to ₹1,365.40, with volumes of over 23 lakh shares traded worth ₹31,154.89 lakh. ITC gained 4.01 per cent to ₹265.75 on volumes of over 1.72 crore shares, making it one of the most actively traded stocks with a value of ₹45,660.62 lakh. Adani Ports climbed 3.62 per cent to ₹1,650.70, Bharti Airtel rose 3.17 per cent to ₹1,869.30, and Reliance Industries added 2.39 per cent to ₹1,307.50, with trades worth over ₹1,14,238.71 lakh, the highest value among all gainers.
On the losing side, Shriram Finance and Maruti Suzuki fell the most, each dropping around 4 per cent. Shriram Finance slid 4.05 per cent to ₹1,064.90, while Maruti declined 4.02 per cent to ₹13,003.00, hitting an intraday low of ₹12,905.00 against a previous close of ₹13,547.00. Nestle India fell 3.13 per cent to ₹1,449.70, Asian Paints dropped 3.03 per cent to ₹2,573.30, and IndiGo slipped 2.91 per cent to ₹5,081.50.
Banking stocks weigh on market
Sector-wise, Nifty IT emerged as the best-performing sectoral index, while Nifty Realty was the worst performer. ICICI Bank, Axis Bank and SBI were among the top laggards within the Nifty, exerting significant downward pressure on the benchmark even as the broader banking index, Bank Nifty, opened with a gap-down near 57,560 and continued oscillating within the 57,000–58,000 range. “Frontline banking stocks are witnessing selling pressure and continue to underperform the broader market,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noting that Nifty’s 14-period daily ATR had declined to its lowest since January 7, 2026, reflecting “ongoing compression in market volatility.”
On the options front, meaningful call writing was observed at the 24,200 and 24,300 strikes, while the 24,100 put strike held substantial open interest, followed by 24,000. The Nifty Advance-Decline Ratio stood at 23:27, indicating modest breadth weakness. On the BSE, out of 4,069 stocks traded, 1,854 advanced while 1,939 declined, with 152 stocks hitting 52-week highs and 98 at 52-week lows.
Crude oil extends gains
In commodities, MCX Crude Oil was trading near ₹8,250, extending gains for a fifth consecutive session from the ₹7,600 lows, with resistance seen at ₹8,300–₹8,350. US WTI crude was near $86.6. “Renewed geopolitical tensions, elevated crude oil prices, with MCX crude trading above ₹8,200 a barrel, and rising global bond yields are weighing on investor sentiment,” said Ponmudi R, CEO of Enrich Money.
COMEX Gold was flat near $4,500, up just 0.021 per cent, with resistance at $4,520–$4,570, while MCX Gold edged up 0.08 per cent and was consolidating below its 20-day EMA. COMEX Silver held near $67.50, up 0.64 per cent, and MCX Silver traded above ₹2,41,600, up 0.69 per cent, supported by domestic demand and rupee dynamics. Despite the current consolidation, gold remained up around 10 per cent for August and silver over 15 per cent, its strongest monthly gains in months.
Rupee strengthens for third session
The rupee continued to strengthen, with USD/INR trading near ₹95, extending its decline for a third consecutive session after facing rejection around ₹95.50, supported by RBI intervention. The Indian rupee was quoted around ₹94.80, according to Enrich Money, with immediate support at ₹94.85–₹94.90.
For the remainder of the session, Shah placed Nifty support at 24,020–24,000 and resistance at 24,250–24,270, with Sensex support at 76,800 and resistance at 77,600. A break below 24,000 could drag the index toward 23,870–23,850, while a move above 24,270 could extend gains toward 24,400.