Indian benchmark indices erased early gains by midday on Thursday as selling pressure in financial and FMCG stocks offset strength in healthcare and aviation counters.
Markets gave up their opening gains by midday on Thursday, with benchmark indices reversing a strong gap-up start as selling pressure emerged in financial and consumer stocks, even as healthcare and aviation counters held firm.The Sensex, which had opened at 75,732.42, was trading at 75,204.66 at 12.30 PM, down 113.73 points or 0.15 per cent from its previous close of 75,318.39. The Nifty 50 was nearly flat at 23,659.20, up just 0.20 points, after opening strongly at 23,830.05 against its previous close of 23,659.Market breadth stays positive despite benchmark weaknessMarket breadth on BSE remained broadly positive. Of 4,149 stocks traded, 2,493 advanced and 1,447 declined, with 209 unchanged. As many as 104 stocks hit 52-week highs while 27 touched 52-week lows. There were 165 stocks in the upper circuit and 119 in the lower circuit.Among Nifty 50 gainers, Grasim Industries led with a 4.64 per cent gain, trading at ₹3,109 against its previous close of ₹2,971.10, on heavy volumes of over 20.89 lakh shares worth ₹64,567.94 lakhs. InterGlobe Aviation rose 3.52 per cent to ₹4,414.90 from ₹4,264.60, with volumes of 10.69 lakh shares valued at ₹47,093.70 lakhs, continuing to benefit from easing crude oil prices that reduce aviation fuel costs. Apollo Hospitals Enterprise gained 2.99 per cent to ₹8,320 from ₹8,078.50 on volumes of 11.80 lakh shares worth ₹97,331.20 lakhs. Max Healthcare Institute rose 2.26 per cent to ₹1,100 from ₹1,075.70, and Bajaj Auto advanced 1.98 per cent to ₹10,669.50 from ₹10,462.50.Bajaj Finance, HUL and Tech Mahindra drag indices lowerOn the losing side, Bajaj Finance was the biggest decliner, falling 1.87 per cent to ₹905.80 from its previous close of ₹923.10 on volumes of 44.12 lakh shares worth ₹40,412.16 lakhs. Bajaj Finserv dropped 1.22 per cent to ₹1,750.40 from ₹1,772. Tata Consumer Products fell 1.13 per cent to ₹1,195 from ₹1,208.70. Tech Mahindra declined 1.10 per cent to ₹1,423.20 from ₹1,439, and Hindustan Unilever lost 1.08 per cent to ₹2,185.50 from ₹2,209.30.Nifty Bank faces resistance near 54,300 zoneThe Nifty Bank, which had opened with a gap-up near 53,965 and initially moved toward 54,100, faced supply pressure at higher levels. The broader 54,300–54,500 zone remains a key resistance area, while 53,600 is now the immediate support level.Gold, crude oil and rupee remain in focusOn the commodities front, COMEX Gold traded in the $4,530–$4,570 range, while MCX Gold held above ₹1,59,500. COMEX Silver was holding above $75.5, while MCX Silver was above ₹2,72,000 after a sharp gap-down open. MCX Crude Oil was trading in the ₹9,550–₹9,600 zone, with US Oil near $98–$99, having pulled back from recent highs near $104 after slipping below $100.The rupee was trading below the ₹96.30 mark against the dollar after pulling back from its recent high of ₹96.90, with likely RBI intervention providing some near-term stability. Immediate resistance stands at ₹96.50–₹96.70 on the USD/INR pair.Investors remain cautious despite easing crude prices...”Market sentiment remains cautiously optimistic, supported by easing crude oil prices and improving hopes around the U.S.-Iran negotiations. However, uncertainty remains elevated, and investors are likely to remain highly sensitive to geopolitical developments,” said Ponmudi R.The midday reversal underscores the fragility of the recovery, with the Nifty needing to reclaim and sustain above 23,800 for broader bullish conviction to return.Published on May 21, 2026
