Markets experienced a reversal in early gains by midday on Friday, with both benchmark indices moving into negative territory. Selling pressure in energy, aviation, and infrastructure stocks outweighed the ongoing strength in the information technology sector. At 12:55 PM, the Sensex was at 75,751.77, down 116.03 points or 0.15 percent, while the Nifty 50 had decreased to 23,837.00, a drop of 70.15 points or 0.29 percent.
The broader market presented a mixed outlook. Out of 4,302 stocks traded, 1,916 advanced while 2,171 declined, and 215 remained unchanged. A total of 167 stocks reached 52-week highs, and 55 stocks hit 52-week lows. Additionally, 202 stocks were capped in upper circuit and 145 in lower circuit.
Despite the overall market downturn, technology stocks stood out as notable gainers. Infosys led the Nifty 50 index with a gain of 3.57 percent, rising to ₹1,201.30 from its previous close of ₹1,159.90. Tech Mahindra increased by 2.01 percent to ₹1,484.90 from ₹1,455.60, while Larsen & Toubro advanced 1.67 percent to ₹4,115.00 from ₹4,047.50. Wipro added 1.50 percent to ₹204.60 from ₹201.58, and HCL Technologies rose 1.34 percent to ₹1,180.80 from ₹1,165.20.
Conversely, Eicher Motors was the most significant laggard, declining by 2.68 percent to ₹7,220.00 from ₹7,419.00. IndiGo fell 2.34 percent to ₹4,463.10 from ₹4,570.00, and ONGC dropped 2.28 percent to ₹267.80 from ₹274.05. Max Healthcare declined by 1.86 percent to ₹975.00 from ₹993.45, and Power Grid slipped 1.83 percent to ₹294.65 from ₹300.15.
Although markets opened positively in the morning, buoyed by easing crude oil prices in the $87–89 per barrel range, comments from U.S. Vice President JD Vance raised new uncertainties. He indicated it was “hard to say when or if” President Donald Trump would sign the proposed U.S.–Iran memorandum of understanding, which restrained any sustained upward momentum. The rupee was trading in the 95.5–95.6 range against the dollar, remaining steady but vulnerable to global influences.
On the commodities front, MCX Crude Oil opened down and was trading between ₹8,400 and ₹8,450 with a cautiously bearish bias. COMEX Gold was consolidating within the $4,520–$4,540 range, facing resistance at $4,550–$4,600. MCX Gold traded above ₹1,56,000, encountering resistance at ₹1,57,500–₹1,58,000. COMEX Silver held in the $75.5–$77 range, while MCX Silver remained above ₹2,68,000, facing resistance at ₹2,69,000–₹2,70,000.
According to SBI Securities’ mid-market index view, the Nifty’s Advance Decline Ratio was a weak 14:36, signaling broad-based selling pressure. The critical support level for the index is now between 23,760 and 23,780, with resistance at 24,000–24,020. A drop below 23,760 could lead the index toward 23,500–23,400, while moving above 24,020 may push it further to 24,220. In options trading, there was notable call writing at the 23,900 and 24,000 strikes, with substantial open interest in the 23,800 put, followed by 23,700. For the Sensex, support stands at 75,500 and resistance at 76,300.
Ponmudi R, CEO of Enrich Money, stated that “markets are likely to remain driven by headlines surrounding the U.S.–Iran negotiations,” emphasizing that “a clear confirmation of a diplomatic agreement could bolster risk appetite and support a relief rally, while delays or setbacks might reignite volatility.”
With roughly three hours left in the trading session, the market’s direction will depend on whether the Nifty can maintain its 23,800 support level and if global news offers any fresh triggers before the day closes.
