Indian equity markets extended their cautious tone into the afternoon session on Tuesday, with both benchmark indices trading in negative territory. According to The Hindu BusinessLine, the Sensex declined 294.51 points or 0.38% to 77,009.12, while the Nifty 50 slipped 60.35 points or 0.25% to 24,032.35 as of 12:50 PM. Market breadth remained broadly positive on the BSE, with 2,079 stocks advancing against 1,382 declines and 196 unchanged. Among BSE-listed stocks, 105 hit 52-week highs while 17 touched 52-week lows, with 111 stocks locked in upper circuits and 77 in lower circuits. Latest data shows Sensex fell 340 points to 76,956.13 and Nifty 50 dropped 80 points to 24,010.05 at 1 PM, indicating continued weakness in afternoon trade.
Energy stocks emerged as the standout performers in afternoon trade, driven by elevated crude oil prices. ONGC led Nifty 50 gainers with a 3.99% rise to ₹297.30, reaching its highest trading point of the day at ₹297.85 on heavy volumes of over 2.5 crore shares worth ₹73,619 crore. As reported by The Hindu BusinessLine, Coal India followed with a 3.18% gain to ₹466.90, touching an intraday high of ₹473.90. Other notable performers included Adani Enterprises rising 2.26% to ₹2,374.20, Grasim Industries adding 1.66% to ₹2,824.40, and Nestlé India gaining 1.43% to ₹1,437.50. Coal India shares soared over 4% after Q4 earnings beat, with the company reporting strong quarterly performance that exceeded market expectations.
On the losing side, Eternal Ltd was the worst performer on the Nifty 50, falling 3.32% to ₹247.01 on volumes exceeding 4.12 crore shares, making it one of the most actively traded counters by value at ₹1,02,433 crore. According to The Hindu BusinessLine, Axis Bank declined 2.35% to ₹1,293.10 as PSU and private banking stocks came under broad selling pressure. IndiGo dropped 2.33% to ₹4,455.00 amid sustained concerns over elevated jet fuel costs, while Shriram Finance fell 2.30% to ₹952.25. State Bank of India fell the most, down 1.16% to ₹1,098.90 from its previous close of ₹1,111.85, while Sun Pharmaceutical Industries declined 0.91% to ₹1,717.80. SBI Cards shares declined despite Q4 profit growth, trading 2% lower at ₹656.25 despite reporting a net profit of ₹609.30 crore for the quarter ended March 2026.
In commodities, MCX Crude Oil was trading near ₹9,200, consolidating in a volatile ₹8,900–₹9,200 range, while US Oil held near $97, approaching the $100 psychological mark. As reported by The Hindu BusinessLine, MCX Gold was trading above the ₹1,50,000–₹1,51,000 range, with COMEX Gold hovering between $4,650–$4,700. The rupee was under pressure, with USD/INR near ₹94.39, with persistent dollar demand keeping depreciation risks alive toward ₹94.50–₹94.80. Crude oil futures rose as Trump criticizes Iran's proposal to reopen the Strait of Hormuz, with Brent crude at ₹102.39 and US 10-year yields at 4.34%. Asia LNG imports in March 2026 were lowest since 2019 at 21.12 mt as West Asia conflict impacted supplies from UAE and Qatar.
According to Ponmudi R, CEO of Enrich Money, crude oil prices continue to stay elevated, with Brent trading in the $105–110 per barrel range, posing a key risk to inflation and weighing on overall market sentiment. As reported by The Hindu BusinessLine, Bank Nifty opened with a gap-down near 55,865, with the 56,000–55,800 zone now acting as a key support band. With approximately three hours left in the session, traders are watching the 23,900 support level on Nifty closely, as a break below it could accelerate selling into the close. GIFT Nifty signals weak start with FPI selling continuing while IT rebound offers some support. Market experts note that geopolitical tensions in the Middle East—triggered by the Iran conflict—are significantly impacting fertilizer markets, with more than half of the region's urea output potentially disrupted since the onset of the conflict.
