Markets remained deep in the red through Thursday’s mid-session, with the BSE trading at 75,071.74 — down 1,632.39 points or 2.13 per cent from its previous close of 76,704.13 — as of 12.30 pm. The NSE 50 stood at 23,262.20, shedding 515.60 points or 2.17 per cent from Wednesday’s close of 23,777.80. The selling that opened the session has shown no meaningful sign of reversal through the first half of trade.
The triggers remain the same as those that defined the morning: Iran’s missile strike on Qatar’s Ras Laffan Industrial City causing what officials described as “extensive damage,” Israel’s earlier attack on Iran’s South Pars gas field — the world’s largest LNG refinery — pushing Brent crude past $110 per barrel and WTI near $100 per barrel, and the US Federal Reserve’s hawkish hold. Iran has declared Gulf energy assets “legitimate targets,” raising the prospect of prolonged supply disruptions.
The Fed, in an 11-1 vote, kept its benchmark rate at 3.50 per cent–3.75 per cent and revised its year-end inflation forecast to 2.7 per cent from 2.4 per cent, signalling only one quarter-point cut in 2026. Fed Chair Jerome Powell described the outlook as subject to “unusually high uncertainty.” Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, noted that “the negative reaction of the US market was more in response to the escalation of the war rather than the Fed’s commentary.” He added that if Brent remains above $110 for an extended period, it will have negative implications for India’s macros, GDP growth, and corporate earnings in FY27.
On the Nifty 50, the gainer list remained thin by mid-session. led with a rise of 1.36 per cent to ₹268.60, while Coal India edged up 0.55 per cent to ₹457.70 — both drawing support from elevated energy prices. NTPC, which had posted a marginal gain at open, was no longer on the gainer board by 12.30 pm.
The losers deepened compared to the morning. Shriram Finance was the steepest faller on the index by mid-session, down 5.73 per cent to ₹963.10 against a previous close of ₹1,021.60, a sharper decline than its 3.26 per cent fall recorded at the opening. Eternal dropped 5.20 per cent to ₹229.92. L&T fell 4.30 per cent to ₹3,452.60, steeper than the 3.45 per cent decline seen at open. Bajaj Finance shed 4.10 per cent to ₹844.00, compared to a 3.05 per cent drop earlier. Tata Motors declined 3.60 per cent to ₹313.05.
Market breadth on the BSE confirmed the broad-based nature of the selloff. Of 4,155 stocks traded, only 1,103 advanced while 2,875 declined, with 177 unchanged. A total of 217 stocks hit fresh 52-week lows against just 43 at 52-week highs. Stocks in lower circuit numbered 141 against 120 in upper circuit.
Adding to domestic pressure, the Indian rupee hit a record low, breaching ₹92.50 against the US dollar amid thin liquidity ahead of a bank holiday and aggressive importer demand. On the institutional side, Foreign Institutional Investors sold equities worth ₹2,714.4 crore in the previous session — marking nine consecutive sessions of net selling. Domestic Institutional Investors bought ₹3,253 crore, partially cushioning the outflows.
With few hours left before the close, the Nifty 50 hovers near immediate support in the 23,200–23,300 zone. A decisive break below 22,923 would signal a resumption of the broader downtrend, while any recovery attempt faces resistance in the 23,500–23,700 band. Hitesh Tailor, Research Analyst at Choice Equity Broking, cautioned that fresh long positions should ideally be considered only after the Nifty convincingly crosses and sustains above 25,000. Markets will watch closely for any de-escalation in West Asia, further central bank commentary, and rupee movement — factors that will determine whether Thursday’s decline deepens or steadies into the close.