Nifty breaks 24,200, extending its losing streak to six sessions. Infosys leads IT losses, falling 2.34%. Crude oil holds above $84, the rupee weakens to 65.65/dollar. Bank Nifty support at 57,200, resistance at 57,500. Weekly expiry Thursday.
The Nifty 50 slipped below 24,200 in midday trade on Tuesday, extending a six-session losing streak as crude oil held above $84 a barrel and IT stocks took the heaviest hits. The Sensex was down 389 points, or 0.50%, at 77,339 as of 1:05 p.m., with the Nifty at 24,186, down 101 points.
Market breadth stayed negative. Of 4,312 stocks traded on the BSE, 2,267 fell while 1,828 advanced. Seventy-five stocks touched 52-week lows, and 199 hit lower circuits against 178 in upper circuits.
Infosys was the biggest loser among Nifty 50 names, falling 2.34% to ₹1,113.20. HCL Technologies dropped 2.05% to ₹1,297.80, Tech Mahindra slipped 1.75% to ₹1,581.90, and TMPV, Tata Motors' passenger vehicle arm, declined 1.85% to ₹324.10. Asian Paints led the index lower, down 2.40% to ₹2,622.90.
On the gainers' side, Mahindra & Mahindra rose 0.98% to ₹3,423.60 on turnover of ₹26,751 crore. Trent added 0.96% to ₹2,974.30, Axis Bank gained 0.77% to ₹1,236.80, Bajaj Finance advanced 0.73% to ₹1,097.20, and Reliance Industries edged up 0.54% to ₹1,323.10, one of the few heavyweights offering support.
WTI crude traded near $84.40, holding above the $81–$83 range. MCX Crude Oil was near ₹8,150, above all major exponential moving averages. The rupee weakened further to around ₹95.65 per dollar, with the USD/INR pair trading above its ascending trendline.
Precious metals pulled back. COMEX Gold fell $24.60, or 0.55%, to $4,449.10 after touching $4,493.10 earlier. MCX Gold was near ₹154,977, down ₹963. COMEX Silver fell 1.41% to $65.295, and MCX Silver was down 1.03% to ₹235,594.
The Nifty's breach of 24,200 marks the convergence of the 50-day and 100-day exponential moving averages. The Relative Strength Index has declined to around 47. The index needs to reclaim 24,400 to stabilise, traders said; a failure to do so could open a move toward 24,000. Bank Nifty held above the 57,200–57,100 support zone, with 57,500 as the next resistance for a meaningful recovery.
The weekly derivatives expiry falls on Thursday.
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