Markets extended their losing streak into a third consecutive session on Friday, with benchmarks deepening losses through the afternoon as geopolitical pressures from West Asia and persistent foreign selling kept bulls firmly on the back foot.
By 12.50 pm, the had shed 404.20 points or 1.71 per cent to trade at 23,234.95, breaching the key support zone of 23,300–23,320 identified by technical analysts. The mirrored the weakness, falling 1,194.78 points or 1.57 per cent to 74,839.64, slipping well below the 75,000 mark and testing the support level of 74,900.
The session opened with a sharp downward gap — consistent with the pattern since the week began — as Brent crude hovering near $100 a barrel and a surging dollar continued to hammer oil-import-dependent emerging markets like India. The USD/INR pair’s advance toward 92.50 added pressure on corporate margins and inflation expectations.
India under pressure
“Indian equity markets opened with a sharp gap-down and are trading with a weak undertone, reflecting fragile global market sentiment,” said Ponmudi R, CEO of Enrich Money. “The sharp rise in energy prices is once again placing pressure on emerging market equities, particularly for oil-import-dependent economies such as India. With the country importing nearly 85 per cent of its crude oil requirements, any sustained rise in oil prices has direct implications for inflation expectations, currency stability and corporate margins.”
On the sectoral front, Nifty Metal bore the sharpest brunt, shedding 3.56 per cent, while Nifty Bank was down 2.12 per cent to 53,934.85 and Nifty Midcap 100 fell 2.29 per cent to 54,967.15. The Nifty Smallcap 100 declined 2.41 per cent to 15,908.30, reflecting how the selloff was not restricted to large-caps. Nifty FMCG stood as the sole bright spot, gaining 0.88 per cent as defensive demand held up.
Gainers and losers
Among Nifty 50 constituents, only four stocks were trading in positive territory by midday. Tata Consumer Products led the gainers, up 2.38 per cent to ₹1,083.00, followed by Hindustan Unilever which gained 1.69 per cent to ₹2,173.00. Trent edged up 0.25 per cent to ₹3,542.50, while Bharti Airtel added 0.21 per cent to ₹1,805.10.
On the losing side, Larsen & Toubro was the steepest decliner, falling 5.58 per cent to ₹3,512.10, with Hindalco Industries close behind at a 5.51 per cent drop to ₹916.30. Tata Steel lost 4.48 per cent to ₹184.80, Mahindra & Mahindra (TMPV) shed 4.24 per cent to ₹310.80, and Eicher Motors declined 3.88 per cent to ₹6,705.00.
On the broader BSE platform, declines outnumbered advances by a ratio of roughly 3.5:1, with 3,139 stocks falling against 899 advancing. A total of 395 stocks touched fresh 52-week lows, compared with just 48 at 52-week highs, reflecting the breadth of the damage.
Options
Options data underscores the cautious mood. Meaningful call writing has been seen at both 23,400 and 23,500 strikes, indicating resistance at those levels. On the put side, 23,300 carries substantial open interest, followed by the 23,200 strike — suggesting the market is now pricing in the risk of a slide toward 23,170–23,150, the next support zone should 23,300 fail to hold. The Nifty’s Put-Call Ratio stands at 0.64, a reading that leans bearish. The Advance-Decline Ratio is at a lopsided 13:37.
With the index having already broken below the 23,300 support, analysts say a decisive hold or recovery above 23,530–23,550 would be needed to ease immediate selling pressure, while a sustained close above 23,550 could open the door to 23,700.