Benchmark indices extended their morning decline through midday trade on Thursday, with the Sensex down 729.85 points or 0.94 per cent at 76,766.51 and the Nifty 50 shedding 237.25 points or 0.98 per cent to 23,940.40 as of 1 PM, weighed down by surging crude oil prices, a weakening rupee, and broad-based selling across most sectors.
Market breadth on the BSE reflected the bearish tone: of 4,148 stocks traded, only 1,333 advanced while 2,639 declined. Just 89 stocks hit 52-week highs against 24 at 52-week lows, with 124 stocks in upper circuit and 132 in lower circuit, indicating more selling pressure than buying at current levels.
Crude oil remained the central concern. US oil is trading near $109 per barrel, well above the $105 mark, with MCX Crude Oil holding the ₹10,300–₹10,500 range amid supply disruption fears tied to the Strait of Hormuz blockade. The rupee is trading near ₹94.85 against the dollar, approaching the critical ₹95 level, with analysts warning that a sustained break above it could push the pair toward fresh all-time highs. Ponmudi R, CEO of Enrich Money, noted: “…Volatility expected to stay elevated and downside risks prevailing unless geopolitical tensions ease…”
On the Nifty 50 gainers list, Bajaj Auto led with a rise of 3.22 per cent to ₹9,851.00 from a previous close of ₹9,543.50, supported by strong volumes of over 7.48 lakh shares. Bajaj Finance added 1.99 per cent to ₹948.50, while Infosys climbed 1.33 per cent to ₹1,183.00, continuing mild recovery in the IT space. Wipro gained 0.56 per cent to ₹201.80 and HCL Technologies edged up 0.49 per cent to ₹1,206.10, with the IT pack seeing selective value buying despite the broader selloff.
The losers were led by Tata Motors, which fell 3.96 per cent to ₹338.75 from a previous close of ₹352.70, reflecting continued pressure on the auto sector’s passenger vehicle segment. Eternal dropped 3.77 per cent to ₹244.46, extending its decline from the morning session. Hindustan Unilever slid 2.64 per cent to ₹2,253.20 despite reporting quarterly numbers, as investors appeared to use the results as a selling opportunity. Shriram Finance declined 2.58 per cent to ₹932.20, while Axis Bank shed 2.43 per cent to ₹1,264.90, keeping private banking under pressure.
On commodities, COMEX Gold is trading in the $4,560–$4,600 zone with near-term pressure, while MCX Gold is holding near ₹1,49,500 after pulling back from highs of ₹1,51,500. COMEX Silver is rangebound between $72.50 and $73.50, and MCX Silver is trading in the ₹2,39,000–₹2,41,000 zone, both facing selling pressure despite safe-haven demand from ongoing geopolitical tensions.
Technically, the Nifty’s breach of the 24,000 psychological level signals near-term fragility. Analysts place immediate support at 23,800, with a breakdown potentially extending losses to 23,600–23,400. On Bank Nifty, which opened around 54,896, the 54,400–54,300 zone is being watched as a key support floor. With markets closed Friday for Maharashtra Day, traders are unlikely to take aggressive positions through the remainder of the session, keeping volumes and conviction thin heading into the close.