Market breadth was decidedly negative on the BSE. Of 4,087 stocks traded, 2,507 declined against 1,380 advances, with 200 unchanged. A total of 96 stocks hit 52-week highs while 71 touched 52-week lows.
| Photo Credit:
iStockphoto
Markets remained under significant pressure through Wednesday’s midday session, with the Sensex and Nifty sliding sharply as selling intensified across banking, information technology, and pharmaceutical stocks.As of 12.50 pm, the Sensex was trading at 76,788.09, down 682.02 points or 0.88 per cent from its previous close of 77,470.11, having opened at 77,384.95. The Nifty 50 was at 24,005.15, down 182.55 points or 0.75 per cent from its previous close of 24,187.70. Both indices have slipped below their respective 100-day exponential moving averages, indicating a bearish undertone in midday trade.Market breadth was decidedly negative on the BSE. Of 4,087 stocks traded, 2,507 declined against 1,380 advances, with 200 unchanged. A total of 96 stocks hit 52-week highs while 71 touched 52-week lows. There were 143 stocks in the upper circuit against 129 in the lower circuit.Bajaj Auto was the standout gainer on the Nifty 50, surging 4.86 per cent to ₹10,909 after reporting stronger-than-expected first-quarter earnings supported by resilient margins and a positive export outlook. Nestle India rose 1.94 per cent to ₹1,480, while Tata Consumer Products gained 1.18 per cent to ₹1,094.30. ONGC edged up 0.70 per cent to ₹251.65, and Hindustan Unilever added 0.58 per cent to ₹2,155.IndiGo remained the top loser on the index, falling 3.16 per cent to ₹5,137.50. Infosys declined 2.20 per cent to ₹1,049.90, while State Bank of India fell 2.08 per cent to ₹1,022.70 from its previous close of ₹1,044.40. Jio Financial Services dropped 2.07 per cent to ₹235.05, and Cipla shed 1.73 per cent to ₹1,407.70. According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, “frontline stocks from Banking, Pharma and IT are witnessing intensive selling pressure,” with ICICI Bank and HDFC among the worst performers on the Nifty at current levels. Among sectoral indices, Nifty Auto is the best performing sector while Nifty Realty is the worst.Rising crude oil prices remain the primary pressure point for domestic markets, with US crude trading above $85 a barrel, supported by ongoing geopolitical tensions stemming from the U.S.-Iran conflict. MCX Crude Oil opened with a gap up, with resistance at ₹8,440–₹8,500 and support at ₹8,150–₹8,100. The Indian rupee remained under pressure near the ₹96.30 mark against the U.S. dollar, with the ₹96.20–₹96.25 zone serving as immediate support. Higher oil prices continue to weigh on the currency and on sentiment around India’s import bill and inflation trajectory.Gold climbed in tandem with geopolitical anxiety. COMEX Gold maintained its positive bias above $4,150, with resistance at $4,200–$4,230. MCX Gold opened sharply higher near ₹1,44,800, with immediate resistance at ₹1,45,000–₹1,45,500. COMEX Silver held firmly above $60, while MCX Silver opened above ₹2,26,000.On the technical front, Shah noted that the Nifty’s Advance Decline Ratio stood at 15:35, reflecting broad-based weakness. The 23,900–23,920 zone will act as a crucial support for the index, while resistance lies at 24,150–24,170. A slip below 23,900 could open the next support band at 23,750–23,770. On the Sensex, support is placed at 76,500 while resistance stands at 77,300. On the options front, meaningful call writing has been observed at the 24,100 and 24,200 strikes, while the 24,000 put holds substantial open interest followed by the 23,900 strike. The first-quarter earnings season continues to drive stock-specific moves through the afternoon session.Published on July 22, 2026
