Nifty slips below key support as crude tops $100, tech selloff rattles global markets

Markets opened lower on Friday, with the Nifty 50 falling 134.45 points, or 0.56 per cent, to 23,735.15 in early trade, extending its losing streak to a fifth consecutive session. The Sensex opened at 75,708.19, against a previous close of 76,391.39, and was trading at 75,920.17, down 471.22 points or 0.62 per cent, as of 9.18 AM.

The sell-off was broad-based, with Cipla emerging as the top gainer on the Nifty 50, rising 3.50 per cent to ₹1,441.80, followed by HCL Technologies at ₹1,253.90, up 0.74 per cent, and Adani Enterprises at ₹3,023.80, up 0.46 per cent. Coal India added 0.30 per cent to ₹428.35, while Tech Mahindra gained 0.29 per cent to ₹1,560.30.

Infosys Q1 profit slips 8.6% QoQ to ₹7,769 crore

On the losing side, Shriram Finance fell the most, declining 2.02 per cent to ₹1,005.10. Eternal dropped 1.85 per cent to ₹281.80, while Infosys shed 1.76 per cent to ₹1,029.00. Bajaj Finance fell 1.30 per cent to ₹1,026.30, and UltraTech Cement declined 1.28 per cent to ₹11,755.00.

Infosys, which reported its Q1FY27 results after market hours on Thursday, posted a 12 per cent year-on-year rise in consolidated net profit to ₹7,769 crore. However, the company lowered the upper end of its FY27 revenue growth guidance, disappointing investors and sending its American Depositary Receipts sharply lower in New York overnight.

The realty sector was among the hardest hit, recording the steepest sectoral decline of 1.75 per cent in the previous session, with selling pressure persisting across most major sectors.

US slaps 10% tariff on Indian imports over forced labour concerns

The sharpest trigger for global risk-off sentiment came from the energy markets. Brent crude surged past $100 a barrel for the first time since late May, after Houthi forces struck Saudi tankers in the Red Sea, opening a new front alongside existing disruptions in the Strait of Hormuz. WTI crude climbed into the $92–$93 per barrel range. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the spike in crude was the primary driver of the sell-off: ..."Such high price is bound to revive India's Balance of Payments concerns. Rupee too has been impacted, though mildly, with the currency depreciating to 96.57 to the dollar."

On Wall Street, the Nasdaq dropped 2.2 per cent, the S&P 500 fell 1.2 per cent, and the Dow Jones shed over 500 points overnight. Alphabet shares tumbled 7 per cent after it raised its full-year capital expenditure guidance to approximately $200 billion. Tesla plunged nearly 15 per cent after a second-quarter earnings miss that revealed negative free cash flow. Amazon fell around 4 per cent amid a Senate inquiry into alleged Chinese influence over its marketplace. Asian markets followed suit, with the Nikkei 225 and Kospi each falling around 3 per cent.

Trump imposes fresh tariffs on dozens of countries as his 10% levies are set to expire Friday

The US 10-year Treasury yield surged to its highest level in over a year, trading between 4.67 per cent and 4.71 per cent, as strong labour market data — with jobless claims falling to 187,000 — reinforced expectations that the Federal Reserve would hold off on rate cuts. Vijayakumar flagged this as another near-term risk: ..."The spike in the US 10-year yield to 4.7 per cent is negative for equity markets globally."

The Trump administration announced new tariffs of 10 per cent to 12.5 per cent on dozens of countries over alleged forced-labour violations, with India placed in the lower 10 per cent bracket.

Technically, the Nifty has slipped below all key moving averages. Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted: ..."a weak structure may remain in place as long as the market trades below the 24000/76600 mark. On the downside, the market could slide towards 23,650–23,550/75,700–75,400."

The Put Call Ratio declined to 0.80, India VIX rose 1.37 per cent to 13.47, and the RSI fell to 45.36, with the MACD showing expanding bearish momentum. Ban...