Domestic equities staged a recovery in the afternoon session on Tuesday after opening sharply lower, as gains in IT and select metal stocks helped offset early pressure triggered by rising crude oil prices and global uncertainties.
Benchmark indices had witnessed a steep fall at the open, tracking weak global cues and a spike in energy prices. Brent crude surged 1.51 per cent in early trade, raising concerns over inflationary pressures and India’s import bill.
Investor sentiment remained cautious after renewed geopolitical tensions, with US President Donald Trump reiterating threats against Iran over the Strait of Hormuz, fuelling fears of supply disruptions in global oil markets.
Benchmarks trim losses in mid-session
After a weak start, markets clawed back into positive territory by mid-session. The BSE Sensex rose 108.49 points or 0.15 per cent to 74,215.34 at 1.32 pm, while the Nifty 50 gained 52.50 points or 0.23 per cent to trade at 23,020.75.
Earlier in the day, the Sensex had plunged 824 points and the Nifty 50 dropped 249 points from their previous close, reflecting the intensity of the initial sell-off.
IT, metals support; PSU banks lag
Sectoral performance remained mixed during the session. IT and realty stocks saw buying interest, rising 1–2 per cent, while PSU bank stocks came under pressure, declining around 1.5 per cent.
Among Nifty 50 constituents, IT majors including Wipro, HCL Technologies, Tata Consultancy Services and Tech Mahindra led the gains with 2–3 per cent uptick. Metal major also featured among the top performers.
On the downside, stocks such as Dr. Reddy’s Laboratories, Adani Enterprises, InterGlobe Aviation, Mahindra & Mahindra and Eicher Motors declined the most.
Broader markets displayed resilience, with smallcap stocks outperforming, while the midcap index remained under pressure in mid-session trade. Market breadth was positive, with 1,870 stocks advancing, 1,249 declining and 86 remaining unchanged out of 3,205 traded stocks on the National Stock Exchange at the time of writing.
Around 22 stocks touched their 52-week highs, while 20 hit fresh lows. Additionally, 155 stocks were locked in upper circuits, compared with 22 in lower circuits.
Stock-specific action
In the midcap space, Jubilant FoodWorks weighed on the index, while Coromandel International, Mphasis, Supreme Industries, Prestige Estates Projects and Fortis Healthcare gained between 3–5 per cent.
Smallcap names such as FirstCry, Tenneco Clean Air, CreditAccess Grameen, Natco Pharma and Five-Star Business Finance rallied 3–11 per cent. On the flip side, Force Motors, Power Grid, KFin Technologies, Bandhan Bank and RBL Bank declined 3–4 per cent.
On the BSE, Titagarh Rail Systems, FirstCry and Kesoram Industries surged 10–11 per cent, while Bank of India, Jubilant FoodWorks, Force Motors and Biocon fell between 4–10 per cent.