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Indian equity markets opened on a weak, largely flat note on Wednesday, weighed down by rising crude oil prices, weak global cues and lingering geopolitical uncertainty.
Around 10.05 am, Sensex dragged 325.25 pts or 0.42% to 77,829, and Nifty 50 fell 106.85 pts or 0.44% to 24,364.85. Investors will closely track the US Consumer Price Index data for clues on inflation and the Federal Reserve’s interest-rate trajectory.
Domestic indicators remain supportive, with net direct tax collections rising 23.09 per cent to over ₹8.11 lakh crore through August 10. Fitch Ratings has also affirmed India’s sovereign rating at BBB- with a Stable Outlook, citing public capital expenditure, recovering private investment and favourable demographics.
Overnight, Wall Street ended lower, while Asian markets were mixed. Persistent uncertainty around US-Iran negotiations and the reopening of the Strait of Hormuz could keep risk appetite subdued. Elevated energy costs remain a key concern for India, given its dependence on crude oil imports.
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* Trend: Bearish; Nifty 50 is hovering around 24,360, down nearly 0.5%.
* Market breadth: Bearish, with the advance/decline ratio at 10:40.
* Sectoral trend: Most sectors are in the red; PSU Bank and Metal are outperforming.
* Next support: 24,200; a break below 24,400 could trigger further selling.
* Futures trend: August Nifty futures are down about 0.35% near 24,450.
* Momentum: Negative, with bears maintaining control.
* Trading view: Nifty futures could decline towards 24,400; a sustained break below this level could extend the fall.
* Fresh trade: Consider shorting around 24,480, with a target of 24,400 and stop-loss at 24,540.
* Existing short: Hold the short position initiated at 24,540; revise stop-loss to 24,540 and book profits at 24,400.
Source: Read the original article on www.thehindubusinessline.com