Markets remained under sustained selling pressure in afternoon trade on Thursday, October 1, with the Nifty 50 slipping to 22,426.25, down 194.20 points or 0.86 per cent, and the BSE Sensex shedding 531.47 points or 0.73 per cent to 71,948.82 as of 12.45 pm, extending the bruising losses from September into the new month.
The selloff came despite softer crude oil prices, with WTI crude trading in the $89–$90 per barrel range, down 0.79 per cent on the day, after retreating from an intraday high of $90.69. MCX Crude Oil similarly reversed from its day’s high of ₹8,715 to trade below ₹8,600, down 1.32 per cent. The relief from crude, however, was offset by a US 10-year Treasury yield holding above 5.3 per cent, keeping pressure on emerging market flows and risk appetite.
Foreign institutional selling remains the dominant overhang. FIIs have pulled out more than ₹26,000 crore from Indian equities over the past three sessions alone, compounding the ₹25,662 crore in secondary market outflows recorded through September. BSE market breadth reflected the broad-based damage, with 2,913 stocks declining against 1,219 advances. A total of 220 stocks hit 52-week lows against 117 at 52-week highs, while 208 stocks were locked in lower circuits versus 136 in upper circuits.
Among Nifty 50 constituents, the auto sector bore the sharpest losses. Bajaj Auto led all decliners, crashing ₹706 or 6.49 per cent to ₹10,168 after opening at ₹10,701. Mahindra & Mahindra fell ₹111.70 or 3.79 per cent to ₹2,838.30, while Maruti Suzuki dropped ₹415 or 3.47 per cent to ₹11,552. Tata Steel shed ₹6.16 or 3.34 per cent to ₹178.14, and Grasim Industries declined ₹94.50 or 3.09 per cent to ₹2,967.40.
On the gainers’ side, HDFC Life Insurance led with a rise of 1.69 per cent to ₹530, followed by Kotak Mahindra Bank, up 1.28 per cent to ₹422.35. HDFC Bank gained 1.14 per cent to ₹716.80, Infosys rose 0.96 per cent to ₹1,003.65, and Tata Consumer Products edged up 0.82 per cent to ₹957.30. Sectorally, IT and private-sector banks held positive ground, while auto, cement, realty, metals and healthcare remained the leading laggards.
The rupee was trading around ₹95.90 per dollar, with USD/INR holding just below the 96.00–96.10 resistance band. The RBI is expected to continue intervening to contain volatility, with the pair sensitive to FII outflows and lingering US tariff friction over India’s Russian crude purchases.
On the technical front, Nifty is testing the critical 22,500–22,550 support zone. A sustained break below 22,500 could open the index to 22,300, while a recovery above 22,800 would be the first signal of stabilisation. The RSI on Nifty stands in the mid-20s, in deeply oversold territory. Bank Nifty, trading near 54,583 at open, is showing relative stability, with a sustained move above 55,000 needed to build recovery momentum.
In commodities, COMEX Gold was up a marginal 0.16 per cent at $4,190.10, while COMEX Silver outperformed with a gain of 1.39 per cent to $61.50, bouncing off the $60 support level. On MCX, Gold traded above ₹149,500, up 0.33 per cent, and Silver held near ₹225,500, up 0.92 per cent, mirroring the international divergence between the two metals, with silver’s industrial demand exposure lending it relative strength. Momentum indicators across both metals remain in negative territory, with analysts flagging that a decisive move above $4,200 in gold and $62 in silver would be needed to confirm any sustained recovery.