Nifty slips below four key moving averages as crude holds above $84, rupee weakens past 95.7. FOMC minutes due later today.
Alpha Score of 57 reflects moderate overall profile with weak momentum, strong value, strong quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
Indian equities fell for a seventh straight session Wednesday as crude oil stayed above $84 a barrel, the rupee weakened toward 95.7 against the dollar, and global bond yields kept rising.
The Sensex traded at 76,903.42, down 332 points or 0.43% by 12:52 p.m. IST. The Nifty 50 stood at 24,054.05, down 100.85 points or 0.42%. The index has slipped below its 20-, 40-, 100- and 200-day exponential moving averages, a technical configuration that signals broad selling pressure.
"Risk appetite has weakened considerably, with the Nifty seeing sustained, gradual selling over the past 12 sessions," said Sudeep Shah, head of technical and derivatives research at SBI Securities. "The primary factor is the sharp surge in crude oil prices. The geopolitical situation in West Asia shows little sign of easing."
WTI crude held in the $84-$85 range. MCX Crude Oil traded near ₹8,200, extending gains for a fourth session. The U.S.-Iran ceasefire expired without a new agreement, and Iran adopted what it called a "fully offensive" military posture. Fresh attacks in the Strait of Hormuz have kept supply uncertainty elevated.
On the BSE, 1,681 stocks advanced against 2,390 decliners out of 4,313 traded. Some 151 stocks hit 52-week highs; 94 touched 52-week lows. The Nifty advance-decline ratio stood at 16:34 and the put-call ratio at 0.67, reflecting continued bearish positioning.
Among NSE losers, Coal India fell 1.87% to ₹399.30. Power Grid dropped 1.44% to ₹264.15. Axis Bank declined 1.34% to ₹1,226.30. ICICI Bank lost 1.27% to ₹1,394.00 on volumes of 43.61 lakh shares worth ₹61,131.22 lakhs. Nifty Metal and Nifty Pharma were among the worst-performing sectoral indices, down 0.48% and 0.38% respectively.
Information Technology was the only major sectoral index in the green, up 0.51%. Eternal led NSE gainers with a 1.90% rise to ₹321.90. HCL Technologies gained 1.53% to ₹1,317.90. JSW Steel added 0.93% to ₹1,279.40.
The rupee weakened further toward the 95.7 zone. "A sustained move above 95.8 would signal renewed weakness, driven by firm dollar demand," said Ponmudi R, CEO of Enrich Money.
COMEX Gold was trading near $4,410.90, down 0.22%, holding above the $4,370-$4,400 support zone. COMEX Silver fell 1.31% to $63.195, testing the $63.00-$62.50 support. "Precious metals continue to be influenced by elevated U.S. Treasury yields and shifting expectations around the Fed's rate path, with markets awaiting the FOMC minutes for policy cues," Ponmudi R said.
Technically, the Nifty faces immediate resistance in the 24,140-24,160 zone, with a stronger barrier at 24,200-24,300. "The zone of 24,020-24,000 will act as crucial support," Shah said. "If the index slips below 24,000, the next support is at 23,850." On the Sensex, support is at 76,600, resistance at 77,200. Meaningful call writing was observed at the 24,200 and 24,300 strikes. The 24,000 put carries substantial open interest, followed by 23,800.
Markets will watch the U.S. Federal Reserve's July meeting minutes for signals on the rate path. A hawkish tilt could pressure emerging market capital flows and add to the headwinds facing domestic equities.
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