Nifty slips below 24,200; IT, Banking stocks drag mid-session

Markets were trading lower in mid-afternoon trade on Tuesday, with the Nifty50 slipping 82.45 points or 0.34 per cent to 24,156.05 and the Sensex down 293.85 points or 0.38 per cent to 77,414.67 as of 12.58 pm, pressured by broad-based selling in information technology and private banking stocks even as aviation, financial services, and select mid-cap names held firm.

The broader market continued to outperform benchmarks, with the Nifty Midcap 100 and Nifty Small Cap 100 up 0.22 per cent and 0.34 per cent respectively. On BSE, 1,929 stocks were advancing against 1,392 declining, with 195 unchanged. As many as 73 stocks hit 52-week highs while 36 touched 52-week lows. Eighty-seven stocks were locked in upper circuits and 72 in lower circuits, reflecting selective momentum beneath the headline weakness.

Realty was the best-performing sectoral index, while PSU Bank was the worst performer. The Nifty Advance-Decline ratio stood at 20:30, indicating moderate selling breadth within the index itself.

Among Nifty50 gainers, Shriram Finance led with a sharp 2.38 per cent rise to ₹1,060, making it the standout performer of the session with over 46.73 lakh shares traded worth ₹49,449 crore. IndiGo gained 1.24 per cent to ₹5,294, buoyed partly by the fall in crude prices from intraday highs, even as elevated energy costs continue to squeeze airline margins globally — Ryanair’s Q1 net income fell 34.4 per cent year-on-year, partly due to higher fuel costs. HCL Technologies rose 1.16 per cent to ₹1,235.50, Kotak Mahindra Bank gained 1.09 per cent to ₹386.20, and Bajaj Finserv added 1.03 per cent to ₹1,880.60.

On the losing side, Infosys was the top drag, falling 1.39 per cent to ₹1,072 with nearly 47.83 lakh shares changing hands worth ₹51,522 lakh. HDFC Bank declined 1.38 per cent to ₹766.85 — extending its losses from the morning session — on heavy volumes of over 2.23 crore shares valued at ₹1,71,925 lakh, making it the most actively traded stock by value on the index. Power Grid fell 1.33 per cent to ₹284.85, TCS dropped 1.32 per cent to ₹2,221.30, and Max Healthcare slipped 1.31 per cent to ₹1,088.

Sentiment remained weighed down by geopolitical developments. US-Iran tensions escalated over the weekend, with Washington carrying out a tenth consecutive night of strikes on Iran. Brent crude briefly crossed $90 a barrel intraday before easing on reports of potential mediation. WTI crude was holding near $82. The rupee, which had already weakened 16 paise on Monday to close at ₹96.44 against the dollar, was trading near a two-month low in the ₹96.3–₹96.4 range.

Technically, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that the 24,030–24,050 zone would act as crucial support for the Nifty, with resistance at 24,260–24,280. A slip below 24,030 could take the index to 23,880–23,900, while a surge above 24,280 could extend the rally to 24,440. On the Sensex, support stands at 77,100 and resistance at 77,900.

Gold and silver were trading with a positive bias in commodities. MCX Gold opened with a gap-up near ₹1,42,300, with resistance at ₹1,42,700–₹1,43,000, while MCX Silver opened higher facing resistance near ₹2,21,000. COMEX Gold was facing resistance at $4,050–$4,070, with support at $4,000–$3,980. MCX Crude Oil eased to near ₹7,950 after hitting highs near ₹8,200, with immediate resistance at ₹8,000–₹8,100.

Markets will remain focused on first-quarter earnings and global cues through the remainder of the session, with the Nifty’s ability to hold the 24,000 level closely watched as the key support for the day.