Indian benchmarks fell below 50-day EMAs for first time in a month, dragged by Adani Enterprises and Cipla. Nifty support at 23,820; Infosys results due.
Indian benchmark indices slipped below their 50-day exponential moving averages for the first time in over a month, as domestic selling pressure overwhelmed broadly positive global cues. At 1.10 pm local time, the BSE Sensex traded at 76,231.67, down 523 points or 0.68% from its previous close. The NSE Nifty 50 stood at 23,831.70, losing 165 points or 0.69%.
The Nifty’s advances-declines ratio was weak at 19:31. On the BSE, 1,757 stocks rose against 1,860 decliners across 3,835 traded issues. Seventy-one stocks hit 52-week highs, while 59 touched 52-week lows.
“The frontline indices fell below their respective 50-day EMAs for the first time in over a month, indicating a bearish tone in the market,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. He placed Nifty’s crucial support at 23,820–23,840 and resistance at 24,070–24,090. A break below 23,820 could drag the index toward 23,670–23,690, Shah warned.
Adani Enterprises was the steepest loser on the Nifty 50, falling 3.88% to ₹3,025.70. Cipla extended its decline to 3.09%, trading at ₹1,371.40. Nestlé India dropped 2.72% to ₹1,452.90, while Shriram Finance and Grasim Industries fell 2.66% and 1.98% respectively. Banking stocks remained under pressure, with HDFC Bank cited as the top loser within the Nifty Bank, which was the worst-performing sectoral index of the day.
On the gainers’ side, Bajaj Auto climbed 2.50% to ₹11,273.50, extending its morning gains. Mahindra & Mahindra rose 1.59% to ₹3,225.80. Eternal advanced 1.51%, SBI Life Insurance gained 1.34%, and Eicher Motors added 0.98%. Nifty Auto remained the best-performing sectoral index.
Crude oil prices continued to pressure sentiment. MCX Crude Oil opened with a gap-up near ₹8,550, while WTI crude traded near $88.5 per barrel, with the $90 mark now in sight. The Indian rupee traded near ₹96.4–₹96.5 against the dollar. MCX Gold was near ₹1,45,000, facing resistance at ₹1,46,000, while COMEX Gold struggled to hold above $4,140. For more on crude oil and gold dynamics, see the respective profiles.
Investors also watched domestic political developments, including ongoing student protests in Delhi, alongside the first-quarter earnings season. Infosys results, due after market close, remained the key corporate event of the day. Traders awaited management commentary on demand outlook and margins before taking fresh directional positions in the IT sector. Infosys carries an Alpha Score of 57, suggesting moderate upside potential based on the proprietary model.
The Nifty’s advances-declines ratio stood at 19:31, with 71 stocks hitting 52-week highs and 59 touching lows.
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