Indian equities extended their losing streak to a seventh session on Wednesday, pressured by elevated crude oil prices, a weaker rupee and rising global bond yields. The Nifty slipped below key technical averages, with 24,000 emerging as crucial support.
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Markets extended their losing streak to a seventh consecutive session on Wednesday, with selling pressure spreading across most sectors as elevated crude oil prices, a weakening rupee and surging global bond yields continued to erode investor confidence.<\/p>\n
The Sensex was trading at 76,903.42, down 332.04 points or 0.43 per cent, as of 12:52 PM IST, against its previous close of 77,235.46 and an opening of 77,218.05. The Nifty 50 was at 24,054.05, down 100.85 points or 0.42 per cent, as of 12.53 pm, against its previous close of 24,154.90 and an opening of 24,152.05. The index has now slipped below its 20-, 40-, 100-, and 200-day EMAs, indicating broad-based technical deterioration. \u201cRisk appetite in the market appears to have weakened considerably, with Nifty witnessing sustained and gradual selling pressure over the past 12 trading sessions,\u201d said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. \u201cThe primary factor weighing on investor sentiment has been the sharp surge in crude oil prices, as the geopolitical situation in West Asia continues to show little sign of easing.\u201d<\/p>\n
On the BSE, 4,313 stocks were traded, of which 1,681 advanced, 2,390 declined, and 242 remained unchanged. As many as 151 stocks hit 52-week highs while 94 touched 52-week lows. There were 144 stocks in upper circuit and 194 in lower circuit, reflecting the cautious undertone across the broader market. The Nifty Advance-Decline Ratio stood at 16:34 and PCR at 0.67, signalling continued bearish positioning.<\/p>\n
Among the top NSE gainers, Eternal led with a 1.90 per cent gain to \u20b9321.90, on volumes of 1.87 crore shares worth \u20b959,801.12 lakhs. HCL Technologies rose 1.53 per cent to \u20b91,317.90, while JSW Steel gained 0.93 per cent to \u20b91,279.40. Wipro added 0.82 per cent to \u20b9179.52, and Sun Pharma edged up 0.72 per cent to \u20b91,888.60. Information Technology was the only major sectoral index in the green, up 0.51 per cent, providing a thin cushion to an otherwise weak market.<\/p>\n
On the losing side, Coal India fell the most, down 1.87 per cent to \u20b9399.30 on volumes of 39.64 lakh shares worth \u20b915,884.58 lakhs. Power Grid declined 1.44 per cent to \u20b9264.15, Axis Bank dropped 1.34 per cent to \u20b91,226.30, and ICICI Bank lost 1.27 per cent to \u20b91,394.00 on heavy volumes of 43.61 lakh shares worth \u20b961,131.22 lakhs. Max Healthcare fell 1.17 per cent to \u20b91,002.50. Nifty Metal and Nifty Pharma were among the worst-performing sectoral indices, down 0.48 per cent and 0.38 per cent respectively.<\/p>\n
\u201cIndian equity markets opened on a largely flat note but quickly came under selling pressure, extending their recent weakness into a seventh consecutive session of declines,\u201d said Ponmudi R, CEO of Enrich Money. \u201cPersistent geopolitical tensions, elevated crude oil prices, and renewed weakness in the Indian rupee against the U.S. dollar continue to weigh on investor sentiment.\u201d<\/p>\n
WTI crude oil remains elevated in the $84\u2013$85 per barrel range, with MCX Crude Oil trading near \u20b98,200, extending gains for a fourth consecutive session. The U.S.\u2013Iran ceasefire expired without a new agreement, with Iran adopting what it described as a \u201cfully offensive\u201d military posture. Fresh attacks in the Strait of Hormuz have kept oil supply uncertainty elevated and sentiment fragile.<\/p>\n
The rupee has weakened further toward the \u20b995.7 zone, with USD\/INR extending gains for a third consecutive session. \u201cA sustained move above \u20b995.8 would signal renewed rupee weakness, driven by firm dollar demand,\u201d noted Ponmudi R. MCX Crude Oil has broken out above \u20b98,000 on renewed bullish momentum, with immediate resistance at \u20b98,250\u2013\u20b98,300.<\/p>\n
On the commodities front, COMEX Gold was trading near $4,410.90, down 0.22 per cent, holding above the key $4,370\u2013$4,400 support zone. MCX Gold was near \u20b91,54,101, down 0.10 per cent, consolidating above \u20b91,53,300. COMEX Silver fell 1.31 per cent to $63.195, testing the $63.00\u2013$62.50 support zone. MCX Silver was down 1.00 per cent near \u20b92,30,099, with RSI slipping to 50.73. \u201cPrecious metals continue to be influenced by elevated U.S. Treasury yields and shifting expectations around the Federal Reserve\u2019s interest-rate path, with markets awaiting the FOMC minutes for further policy cues,\u201d said Ponmudi R.<\/p>\n
Technically, the Nifty faces immediate resistance in the 24,140\u201324,160 zone, with a stronger barrier at 24,200\u201324,300. \u201cThe zone of 24,020\u201324,000 will act as a crucial support for the index,\u201d said Shah. \u201cIf the index slips below 24,000, the next support is placed in the 23,850 zone.\u201d On the Sensex, support is at 76,600, while resistance is at 77,200. Meaningful call writing was observed at the 24,200 and 24,300 strikes, while the 24,000 put carries substantial open interest, followed by 23,800.<\/p>\n
Markets will closely watch the U.S. Federal Reserve\u2019s July meeting minutes later in the day for signals on the interest rate path. Any hawkish tilt could further pressure emerging market capital flows and add to the headwinds already facing domestic equities.<\/p>\n
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