Rupee at 96, Crude Surge Crush Sensex, Nifty; HCL Tech Falls 3.6%

Indian equity benchmarks extended losses through Tuesday afternoon, dragged down by the rupee's slide past the 96 mark and crude oil's climb above $84 a barrel. The BSE Sensex traded at 77,165.90, down 450.50 points or 0.58%. The NSE Nifty50 fell 136.05 points to 24,074.95.

Broader market breadth was negative. Of 3,641 stocks traded on the BSE, 2,130 declined against 1,344 advances. Thirty-one stocks hit 52-week lows, while 89 touched fresh highs – a split that reflected sharp polarisation in trading activity.

The rupee weakened to near 96.10 per dollar, adding to investor anxiety. Crude oil traded in the $79–$80 per barrel range on international markets, with Brent crude surging above $84, according to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. The combination of elevated crude, persistent dollar demand and heightened geopolitical uncertainty continues to pressure the domestic currency, said Ponmudi R, CEO of Enrich Money.

Sectoral losses were led by the Nifty Auto index, down 1.4%, Shah said. Among Nifty50 losers, HCL Technologies fell 3.61% to ₹1,177.10 on heavy volumes of over 69 lakh shares. HDFC Life Insurance dropped 3.25% to ₹554.75. Shriram Finance declined 2.67% to ₹1,020.10, and InterGlobe Aviation (IndiGo) slid 2.65% to ₹5,091.00. Tata Motors' passenger vehicle arm fell 2.24% to ₹334.60.

On the upside, Bharti Airtel rose 2.02% to ₹1,940.30 on volumes of over 42 lakh shares. Cipla added 1.69% to ₹1,450.80, and Hindalco Industries gained 1.40% to ₹980.40. Sun Pharmaceutical and Apollo Hospitals also rose, with healthcare and pharma outperforming the broader weak tape.

Asian markets also weighed on sentiment. South Korea's KOSPI fell sharply on profit-booking in semiconductor stocks following the AI-fueled rally. Oil prices pose a bigger risk to India than the KOSPI itself, as Middle East-driven crude increases raise import costs, pressure the rupee, keep inflation elevated and lower the chances of RBI rate cuts, said Ruchit Thakur, Market Analyst at VT Markets. Strong domestic institutional investor support and steady SIP flows provide a cushion, he added. Volatility is likely over the next one to two weeks.

Precious metals offered little clarity. COMEX Gold remained in a broad $4,000–$4,200 consolidation range with a weak undertone, recovering slightly from a two-week low ahead of key US inflation data. MCX Gold held above ₹1,41,000, facing resistance at ₹1,42,300–₹1,42,700. COMEX Silver traded in the $57.60–$58.00 support zone, while MCX Silver took support near ₹2,17,500. For more on the metal's outlook, see the gold profile.

Technically, the Nifty's 24,000 level remains the key battleground. The zone of 24,020–24,000 will act as crucial support for the index, while resistance lies in the zone of 24,220–24,250, Shah said. If the index slips below 24,000, the next support is placed in the zone of 23,840–23,810. On the options front, meaningful call writing was seen at the 24,200 and 24,300 strikes, while the 24,100 and 24,000 put strikes carry substantial open interest, suggesting the market is well-defended at lower levels for now.

Markets will track crude oil prices and rupee movement, with US Federal Reserve Chair Kevin Warsh's congressional testimony and the US Consumer Price Index data due later in the week also in focus. For broader coverage of the commodity drivers, see the commodities analysis page.