IT stocks prop up Nifty at midday; SBI Life, Eternal lead losers

Markets were trading with a modest positive bias at midday on Thursday, with the Nifty 50 holding at 24,123.90, up 45.40 points or 0.19 per cent, and the Sensex at 77,401.12, up 215.69 points or 0.28 per cent, as of 12.55 pm. The indices, however, were off their opening highs, with the Nifty trading in a range of just 89 points since the opening bell, reflecting the tight consolidation that has characterised the session.

Information technology continued to lead the gainers’ pack at midday. HCL Technologies was the top Nifty gainer, up 2.25 per cent to ₹1,194.30 on heavy volumes of 33.88 lakh shares worth ₹40,544.24 lakh. Wipro added 1.45 per cent to ₹177.99 on volumes of 72.25 lakh shares valued at ₹12,810.37 lakh. Bajaj Finance rose 1.49 per cent to ₹1,036.50 on 54.12 lakh shares worth ₹55,948.31 lakh, while IndiGo gained 1.48 per cent to ₹5,247.50 on 6.11 lakh shares. Mahindra & Mahindra rounded out the top five gainers, rising 1.39 per cent to ₹3,125.80 on 11.46 lakh shares valued at ₹35,855.37 lakh, continuing the momentum in the auto sector that analysts expect to reflect strong Q1 results.

On the losing side, SBI Life Insurance extended its morning decline to become the steepest loser, falling 2.11 per cent to ₹1,827 on volumes of 5.33 lakh shares worth ₹9,748.95 lakh. Eternal dropped 1.80 per cent to ₹289.50, with a massive 2.09 crore shares traded, generating a value of ₹61,369.09 lakh — among the highest in turnover terms across the Nifty. Axis Bank shed 0.66 per cent to ₹1,303.60 on 22.57 lakh shares, Shriram Finance fell 0.63 per cent to ₹1,027.30, and BEL declined 0.62 per cent to ₹408.40 on 23.26 lakh shares.

The advance-decline ratio on the Nifty 50 stood at 34:16, while the broader BSE market showed 2,078 stocks advancing against 1,947 declining out of 4,251 traded, with 226 unchanged. As many as 105 stocks hit 52-week highs, against 67 that touched 52-week lows, with 180 stocks in the upper circuit and 140 in the lower circuit.

Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that...”the frontline indices continue to trade within the previous day’s bar as daily volatility decreased further,” with mixed sentiment visible — IT outperforming while banking counters faced pressure. On the options front, meaningful call writing was seen across the 24,200 and 24,300 strikes, while the 24,100 put had substantial open interest followed by the 24,000 strike, suggesting the market is consolidating in a defined band. Shah placed the crucial Nifty support zone at 24,010–24,030 and resistance at 24,260–24,280, with a break below 24,010 opening the door to 23,860–23,880, and a surge above 24,280 potentially extending the rally to 24,480. On the Sensex, support was placed at 77,100 and resistance at 77,900.

In commodities, MCX Crude Oil opened with a gap-up near ₹7,650, trading in a consolidation zone of ₹7,550–₹7,750, amid elevated global crude prices in the $79–$81 per barrel range on COMEX, reflecting continued Middle East supply concerns. MCX Gold opened with a gap-down, finding support near ₹1,41,000–₹1,40,700, with COMEX Gold trading cautiously near $4,040. MCX Silver opened weak, facing resistance near ₹2,20,000, while COMEX Silver held above the $57–$56.5 support zone. The Indian rupee remained under pressure, with the USD/INR pair holding above ₹96.2, weighed down by elevated crude oil prices, geopolitical tensions, and safe-haven demand for the dollar. Immediate rupee resistance was seen at ₹96.3–₹96.35, with support at ₹96.2–₹96.1.