Equity benchmarks experienced a reversal of their early gains by midday Wednesday, with the Sensex trading at 76,870.73, down 147.06 points or 0.19%, and the Nifty 50 at 24,024.50, down 8.30 points or 0.03% as of 12:45 PM. The indices had initially opened strongly, buoyed by optimism around a ceasefire and record highs in overnight Wall Street trading. However, heavy selling pressure emerged in major stocks, particularly affecting Larsen & Toubro, Reliance Industries, and ONGC.
In contrast, the broader market reflected a more complex scenario. Of the 4,193 BSE stocks traded by midday, 2,375 stocks advanced while 1,625 declined, with 193 remaining unchanged. There were 160 stocks hitting 52-week highs, while 18 reached 52-week lows. Upper circuit limits were hit in 122 stocks, as were lower circuit limits in an equal number, indicating considerable volatility across the market.
The insurance sector stood out as a positive force. HDFC Life emerged as one of the top performers, rising 2.68% to ₹610.05 from ₹594.10, with a significant trading volume of 2,80,31,349 shares, valued at ₹1,68,008.69 lakhs, making it one of the most traded stocks on the Nifty by value. SBI Life (SBILIFE) also saw a gain of 2.02%, climbing to ₹1,857.90 from ₹1,821.20, with 5,50,797 shares exchanged.
Retail giant Trent increased by 2.58% to ₹4,241.90 from ₹4,135.40, with 5,82,179 shares worth ₹24,692.54 lakhs changing hands. InterGlobe Aviation, the parent company of IndiGo, continued its morning rally, rising 2.72% to ₹4,353.50 from ₹4,238.40 on a volume of 10,11,785 shares valued at ₹44,157.43 lakhs. The pharmaceutical sector also saw gains, with Cipla climbing 1.97% to ₹1,360.00 from ₹1,333.70 on a volume of 11,08,710 shares valued at ₹15,015.59 lakhs.
Conversely, Larsen & Toubro was the most significant drag on the session, falling 3.18% to ₹3,925.50 from a previous close of ₹4,054.50. By midday, it recorded trading of 57,68,194 shares valued at ₹2,26,507.75 lakhs, making it the most actively traded stock by value on the Nifty. This decline occurs ahead of its quarterly earnings report, raising concerns among investors about near-term performance due to high input costs.
Reliance Industries decreased by 2.16% to ₹1,432.00 from ₹1,463.60, with trading volumes reaching 52,60,033 shares valued at ₹76,493.50 lakhs, contributing significantly to the index’s downturn given its large market capitalization. State-owned ONGC fell 1.88% to ₹284.50 from ₹289.95, despite a decrease in crude oil prices, with 90,25,439 shares traded worth ₹25,857.88 lakhs. Hindustan Unilever also extended its losses, down 1.45% to ₹2,293.60 from ₹2,327.40, while Power Grid declined by 1.03% to ₹316.15 from ₹319.45, with volumes of 22,90,901 shares worth ₹7,268.11 lakhs.
The trading day began positively, with the Sensex set at 77,424.36 and the Nifty at 24,171.00, buoyed by Wall Street’s record performances and a pullback in Brent crude prices to around $108 per barrel. This optimism was short-lived as selling pressure surfaced across energy, FMCG, infrastructure, and oil-and-gas sectors throughout the morning.
Market analysts had indicated that the Nifty’s critical resistance level was 24,300. Its inability to maintain momentum toward this target resulted in a decline back toward the pivotal 24,000 mark. As approximately two and a half hours of trading remained, analysts suggested that institutional trading activity and any emerging geopolitical developments regarding the Middle East ceasefire would be crucial in determining whether the benchmarks could recover into positive territory before the market closed.
Published on May 6, 2026.
