Sensex, Nifty sink below key EMAs at midday; Adani Enterprises, Cipla lead losses

Markets deepened their losses through midday trade on Thursday, with both benchmark indices slipping below their 50-day exponential moving averages for the first time in over a month, as domestic selling pressure overwhelmed broadly positive global cues.

At 1.10 pm, the BSE Sensex was trading at 76,231.67, down 523.38 points or 0.68% from its previous close of 76,755.05. The NSE Nifty 50 stood at 23,831.70, declining 164.55 points or 0.69% from Wednesday’s close of 23,996.25. The Nifty’s advances-declines ratio stood at a weak 19:31, with broader market breadth on the BSE showing 1,757 advances against 1,860 declines across 3,835 traded stocks. Seventy-one stocks hit 52-week highs, while 59 touched 52-week lows.

The selloff was driven primarily by domestic factors. “The frontline indices fell below their respective 50-day EMAs for the first time in over a month, indicating a bearish tone in the market,” said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. He placed Nifty’s crucial support at 23,820–23,840 and resistance at 24,070–24,090, warning that a break below 23,820 could drag the index toward 23,670–23,690.

Adani Enterprises was the steepest loser on the Nifty 50, falling 3.88% to ₹3,025.70 from its previous close of ₹3,147.70. Cipla, which had already lost ground in the morning session, extended its decline to 3.09%, trading at ₹1,371.40, against a previous close of ₹1,415.10. Nestlé India dropped 2.72% to ₹1,452.90, Shriram Finance fell 2.66% to ₹1,030.60, and Grasim Industries shed 1.98% to ₹3,103.70. Banking stocks remained under pressure, with HDFC Bank cited as the top loser within the Nifty Bank, which was the worst-performing sectoral index of the day.

On the gainers’ side, Bajaj Auto climbed 2.50% to ₹11,273.50, extending its morning gains. Mahindra & Mahindra rose 1.59% to ₹3,225.80, Eternal advanced 1.51% to ₹288.70, SBI Life Insurance gained 1.34% to ₹1,830.90, and Eicher Motors added 0.98% to ₹7,707.00. Nifty Auto remained the best-performing sectoral index, underscoring continued investor preference for automobile stocks.

Crude oil prices continued to exert pressure on sentiment. MCX Crude Oil opened with a gap-up near ₹8,550, while WTI crude traded near $88.5 per barrel, with the $90-mark now in sight. The Indian rupee continued trading near ₹96.4–₹96.5 against the dollar. MCX Gold was trading near ₹1,45,000, facing resistance at ₹1,46,000, while COMEX Gold struggled to hold above $4,140.

Investors also kept a watch on domestic political developments, including ongoing student protests in Delhi, alongside the first-quarter earnings season. Infosys results, due after market close, remained the key corporate event of the day, with traders awaiting management commentary on demand outlook and margins before taking fresh directional positions in the IT sector.