Benchmark indices deepened their losses by midday on Friday, with selling pressure intensifying across banking and financial services stocks, even as energy counters provided some support. The BSE Sensex was trading at 79,412.09 as of 12.45 pm, down 603.81 points or 0.75 per cent from its previous close of 80,015.90, having opened at 79,658.99. The Nifty 50 was at 24,597.40, lower by 168.50 points or 0.68 per cent from its previous close of 24,765.90, slipping further from the 24,656.40 opening level.
The losses were broader than they appeared at the open, with the Nifty Bank index among the worst performers, declining 763 points or 1.29 per cent to 58,315.90 — a level that analysts had flagged earlier in the session as a critical support zone. The Nifty Financial Services index fell 387.05 points or 1.42 per cent to 26,849.95, reflecting continued pressure on private sector lenders. The Nifty Midcap 100 shed 95.05 points or 0.16 per cent to 57,697.50, while the Nifty Smallcap 100 was nearly flat, down 2.45 points or 0.01 per cent at 16,536.35. The Nifty Next 50 declined 38.15 points or 0.06 per cent to 67,688.45.
On the BSE, 4,166 stocks were traded by midday, of which 1,944 advanced, while 2,022 declined and 200 remained unchanged. As many as 181 stocks hit 52-week lows against 58 touching 52-week highs, indicating the breadth of the session’s weakness. There were 150 stocks in the upper circuit and 129 in the lower circuit.
Among the top Nifty 50 gainers, BEL led with a rise of 2.78 per cent to ₹470.80, trading on volumes of over 1.83 crore shares worth ₹85,987.80 lakh. Reliance Industries gained 1.99 per cent to ₹1,417.00 on volumes of 1.12 crore shares valued at ₹1,58,907.09 lakh. NTPC advanced 1.81 per cent to ₹384.90, while ONGC rose 1.28 per cent to ₹279.90. Power Grid Corporation added 0.92 per cent to ₹302.20.
On the losing side, Eternal was the biggest Nifty 50 decliner, falling 2.46 per cent to ₹234.23 on volumes of 1.73 crore shares. ICICI Bank dropped 2.41 per cent to ₹1,324.90, with nearly 1.19 crore shares worth ₹1,58,538.75 lakh changing hands, as the private banking space continued to face selling pressure. Max Healthcare fell 2.40 per cent to ₹1,032.80, IndiGo slipped 2.22 per cent to ₹4,412.40, and Larsen & Toubro declined 2.02 per cent to ₹3,957.30.
The session’s losses came against the backdrop of a negative global handover. Wall Street saw the Dow Jones fall 784.67 points or 1.6 per cent, the S&P 500 slide 0.6 per cent, and the Nasdaq declined 0.3 per cent overnight. European natural gas futures had surged nearly 70 per cent over the week following Iranian drone strikes on Qatar’s LNG export facilities, stoking concerns over global energy supply and inflationary pressures. Brent crude was trading around $84.56 per barrel, and gold remained above $5,100 per ounce as safe-haven demand held firm.
Foreign Institutional Investors extended their selling streak for a fifth consecutive session on March 5, offloading equities worth approximately ₹3,752 crore, while domestic institutional investors continued to provide a cushion, purchasing shares worth over ₹5,000 crore for a seventh straight session.
Analysts had earlier advised that fresh long positions on the Nifty should be considered only after a sustained breakout above 25,000, with key support for the index now at 24,600–24,500 and resistance at 24,850–25,000.