Markets showed stability at midday on Tuesday, with the Nifty 50 at 24,033.95, up by a marginal 2.25 points or 0.01% as of 12:32 PM IST. The Sensex, on the other hand, was at 76,379.59, down 109.37 points or 0.14% at 12:34 PM. This trading session follows a significant 1,073-point surge in the Sensex on Monday and indicates a phase of consolidation, with broader market momentum remaining positive—2,354 stocks advanced while 1,627 declined on the Bombay Stock Exchange (BSE), with 208 remaining unchanged. A total of 173 stocks reached the upper circuit, while 124 hit the lower circuit. Furthermore, 127 stocks recorded 52-week highs compared to 33 at 52-week lows.
The muted midday sentiment occurs despite generally positive geopolitical developments. Reports of new U.S. military strikes on select targets in Iran had initially unsettled traders; however, comments from U.S. President Donald Trump, suggesting progress in peace negotiations, helped bolster market sentiment. Analysts have largely interpreted the strikes as a measured response rather than a precursor to broader conflict.
Crude oil prices have stabilized in the $90–$92 per barrel range following a recent sharp correction, providing continued relief from inflation and import costs for the Indian economy. On the Multi Commodity Exchange (MCX), June crude oil futures were trading between ₹8,700 and ₹8,750 after a gap-up opening. The USD/INR exchange rate was above ₹95.40, recovering from a recent historic low near ₹96.90, although persistent dollar strength continued to weigh on the rupee.
Among Nifty 50 gainers, Tata Motors (TMPV) led, climbing 2.96% to ₹384.30 from a previous close of ₹373.25. Adani Enterprises rose 2.90% to ₹2,932.20, while Coal India gained 2.24% to ₹468.25, up from ₹458.00. Bajaj Auto increased by 1.14% to ₹10,610.50 from ₹10,491.00, and ONGC edged up 1.02% to ₹287.85 from ₹284.95. The rise in Coal India and ONGC reflects sustained investor interest in public sector energy stocks benefiting from stabilizing crude prices.
Conversely, healthcare and private banking stocks faced selling pressures. Apollo Hospitals was the top loser, dropping 1.24% to ₹8,299.50 from ₹8,404.00. Kotak Mahindra Bank fell 1.18% to ₹388.20 from ₹392.85, while Axis Bank decreased by 0.88% to ₹1,299.60 from ₹1,311.20. ITC declined 0.74% to ₹301.70 from ₹303.95, and SBI Life Insurance slid 0.64% to ₹1,889.70 from ₹1,901.90.
The Bank Nifty index, which closed at 55,293.65 on Monday with a gain of 1,238 points, was attempting to maintain levels above the 55,378 mark during midday trading, with 55,600 serving as an immediate hurdle for further upside. The weakness in Kotak Mahindra Bank and Axis Bank limited momentum in the banking sector, despite cautiously positive overall sentiment.
In commodities, COMEX Gold was trading in the $4,530–$4,560 range with a cautious bias, while MCX Gold remained above ₹1,58,000. COMEX Silver held above the $77 level, and MCX Silver traded above ₹2,73,000, both showing mild gap-downs. Safe-haven demand and geopolitical factors continue to influence precious metals.
As the monthly Nifty Futures and Options expiry is underway, with the BSE expiry scheduled for Wednesday, positioning driven by expiry is anticipated to dominate the latter half of the session, presenting risks of sharp intraday reversals as institutions adjust their derivative exposure before settlement.
