Early indications from GIFT Nifty futures trading at 24,199, up 20 points compared with spot Nifty's previous close of 24,154 point to a largely flat opening for domestic equities. According to latest reports, the Sensex fell for the third consecutive session, closing at 77,235 with a decline of 493 points (down 0.6%) while the Nifty 50 lost 132 points to end at 24,155, marking its sixth straight session of losses. The benchmark indices staged a sharp recovery from their intraday lows, with both indices showing resilience despite the extended decline. As per ETMarkets, the key benchmark indices of the Indian stock market are expected to remain under pressure as renewed strength in crude oil prices and a sharp rise in global bond yields continue to weigh on investor sentiment.
The Nifty 50 has slipped slowly and steadily with profit-booking seen over the last two weeks, currently moving below the 50-EMA at the 24,190 level, weakening the bias and sentiment. As reported by Live Mint, Parekh expects the index to further slide in coming sessions. The 24,000 zone would be the near-term support for the index, whereas the 23,800 level would be positioned as the major support, which needs to be sustained to maintain the overall trend intact. On the upside, the important 200-period MA at the 24,700 zone would continue to be the resistance hurdle. The latest market action shows the index struggling to hold above the 24,200 level amid continued selling pressure. According to Bajaj Broking Research, the 24,000-23,800 zone will remain an important support area for the Nifty, being supported by a combination of trendline support, a previous major gap area and the 61.8% retracement level of the earlier move from 23,606 to 24,774.
At Wednesday's close, the Nifty 50 declined 0.32% to settle at 24,078, while the Sensex fell 0.42% to close at 76,909. The broader market also remained weak, with the Nifty Midcap 100 falling 0.21% and the Nifty Smallcap 100 declining 0.51%. As per Siddhartha Khemka, Head of Research, Motilal Oswal Financial Services Ltd, the Nifty 50 extended losses for the seventh consecutive session, declining 0.3%, while the Nifty Midcap 100 and Nifty Smallcap 100 fell 0.2% and 0.5% respectively. The index has been consolidating within a broad range for nearly 12 sessions while retracing around 61.8% of its earlier sharp rise from 23,606 to 24,774, with the relatively shallow retracement indicating the possibility of a higher base formation.
Sectoral trends remained mixed with IT sector and telecommunication sector witnessing selling pressure, while metal and realty sectors saw buying activity. The broader market also showed a cautious tone, with selective buying visible across defensive and consumption-oriented sectors, while technology and financial counters remained under pressure amid weak investor sentiment. As per ETMarkets, Axis Bank, M&M, and Bajaj Finance emerged as the top gainers today, while Infosys, Asian Paints, and HCL Tech were among the top losers. The BSE 150 Midcap index is trading 0.3% lower, and the BSE 250 SmallCap index is trading 0.19% higher.
The rupee is trading at ₹95.6 against the US dollar, while gold prices for the latest contract on MCX are trading 0.5% higher at ₹1,55,283 per 10 grams. Silver prices were trading 0.7% higher at ₹2,37,669 per 1 kg. These movements reflect the broader market sentiment and global commodity trends affecting Indian markets. Crude oil prices were trading around $91.2 per barrel, keeping concerns about inflation and corporate profitability elevated. Higher oil prices can put additional pressure on India's import bill and may weigh on sectors and companies sensitive to input costs.
Tata Group-backed satellite communications company Nelco has invested $20 million (around ₹1.91 billion) in US-based Lunar Holdco Inc, taking a minority but strategic stake in the company. According to ETMarkets, Lunar Holdco provides direct-to-device (D2D) satellite connectivity through its Elveo Mobile brand. Under the agreement, Nelco will invest through compulsorably convertible debentures (CCDs), which offer a 7% annual compounded return and can later be converted into equity shares under certain conditions. SES will remain the majority shareholder in Lunar Holdco.
