Iran jitters, Rupee slide keep Sensex, Nifty under pressure; HCL Tech, HDFC Life lead losses

Markets remained under sustained selling pressure through the afternoon session on Tuesday, with both benchmark indices deepening their morning losses as crude oil prices stayed elevated and the rupee breached the ₹96 mark against the US dollar. At 1.16 pm, the BSE Sensex was trading at 77,165.90, down 450.50 points or 0.58 per cent, while the NSE Nifty50 was at 24,074.95, lower by 136.05 points or 0.56 per cent.

The broader market reflected the cautious tone. Of 3,641 stocks traded on the BSE, 2,130 declined against 1,344 advances, with 167 unchanged. While 89 stocks hit fresh 52-week highs, 31 touched 52-week lows. An equal 85 stocks each were locked in upper and lower circuits, indicating sharp polarisation in trading activity.

The rupee’s slide past ₹96 to trade near ₹96.10 against the dollar added to investor anxiety. Crude oil, trading in the $79–80 per barrel range on international markets, continued to exert upward pressure on India’s import bill and inflation outlook. MCX Crude Oil opened with a sharp gap-up and was trading within the ₹7,600–₹7,700 range. “...The combination of elevated crude oil prices, persistent demand for the greenback, and heightened geopolitical uncertainty continues to exert pressure on the domestic currency...” said Ponmudi R, CEO of Enrich Money.

The Nifty Auto index was the worst-performing sector, down 1.4 per cent, according to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. “...The frontline indices opened gap down for the second consecutive session on the back of sharp surge in crude oil prices. Brent crude has surged above $84 per barrel...” he noted.

Among Nifty50 losers, HCL Technologies extended its morning decline to become the worst performer, falling 3.61 per cent to ₹1,177.10 on heavy volumes of over 69 lakh shares worth ₹83,081.68 lakhs. HDFC Life Insurance slid 3.25 per cent to ₹554.75. Shriram Finance dropped 2.67 per cent to ₹1,020.10, while IndiGo fell 2.65 per cent to ₹5,091.00. Tata Motors’ passenger vehicle arm, TMPV, declined 2.24 per cent to ₹334.60.

On the gaining side, telecom major Bharti Airtel was the top performer on the Nifty50, rising 2.02 per cent to ₹1,940.30 on extremely heavy volumes of over 42 lakh shares worth ₹81,252.23 lakhs. Cipla gained 1.69 per cent to ₹1,450.80, and Hindalco Industries added 1.40 per cent to ₹980.40. Sun Pharmaceutical Industries rose 1.31 per cent to ₹1,946.60, while Apollo Hospitals climbed 1.29 per cent to ₹8,895.50, with healthcare and pharma emerging as relative outperformers against the broader weak tape.

The spill from Asian markets also weighed on sentiment. South Korea’s KOSPI fell sharply, led by profit-booking in semiconductor stocks including SK Hynix and Samsung Electronics, 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. He added that strong domestic institutional investor support and steady SIP flows provide a cushion, but 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 was holding above ₹1,41,000, facing resistance at ₹1,42,300–₹1,42,700. COMEX Silver was trading in the $57.60–$58.00 support zone, while MCX Silver was taking support near ₹2,17,500.

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. If the index slips below 24,000, the next support is placed in the zone of 23,840–23,810...” Shah said. On the options front, meaningful call writing was seen at the 24,200 and 24,300 strikes, whi...