Sensex, Nifty Extend Losses as Crude Nears $100; Auto Stocks Buck Trend

Indian equities remained under pressure on Thursday, extending their decline for a fourth consecutive session. At around 2 pm, the Sensex was down 395.48 points, or 0.52 per cent, at 76,359.57. The Nifty 50 slipped 132.65 points, or 0.55 per cent, to 23,863.60. Selling remained broad, with 2,264 shares declining against 1,494 advances.

The weakness was sharper beyond the frontline indices. The Nifty Midcap 100 fell around 0.9 per cent, while the Nifty Smallcap 100 declined nearly 0.6 per cent. Nifty Bank was among the weakest major indices, falling about 0.7 per cent earlier in the session as IndusInd Bank, HDFC Bank and public sector lenders came under pressure.

Auto shares provided the clearest pocket of strength. Nifty Auto gained 1.38 per cent earlier in the day, supported by buying in Bajaj Auto, Eicher Motors, Hero MotoCorp and TVS Motor following encouraging earnings. Nifty Media rose 0.78 per cent, while FMCG stocks also showed relative resilience.

On the losing side, Nifty Realty fell more than 1 per cent. Pharma, healthcare, banking and IT indices also traded lower. Weak quarterly numbers from Dr Reddy’s Laboratories and Cipla hurt pharmaceutical shares, while Infosys remained subdued ahead of its results.

Tanla Platforms jumped around 14.5 per cent after reporting double-digit growth in its June-quarter earnings. NTPC Green Energy surged over 7 per cent after profit rose 38.3 per cent and revenue increased 62.7 per cent year-on-year.

IndusInd Bank dropped more than 6 per cent despite reporting higher profit, as brokerages remained cautious about weak net interest margins and core operating trends. Dr Reddy’s Laboratories fell nearly 4 per cent after quarterly profit declined 69 per cent and its operating margin contracted sharply.

The latest available provisional cash-market data showed foreign institutional investors selling shares worth Rs 819.20 crore on July 22. Domestic institutional investors were also net sellers, offloading equities worth Rs 418.26 crore. Figures for July 23 will be available after market hours.

Wall Street ended largely weak overnight, with the S&P 500 down 0.14 per cent and the Nasdaq falling 0.57 per cent. Asian markets were mostly higher, but domestic sentiment remained tied to oil. Brent crude climbed above USD 98 per barrel as renewed US-Iran strikes and attacks on oil tankers raised fresh supply concerns.

For the Nifty 50, the 23,820 to 23,840 zone is the immediate support. A break below this range could expose 23,670 to 23,690, while resistance is placed near 24,070 to 24,090. Traders will track Infosys and IndiGo earnings, crude oil movements and next week’s US Federal Reserve policy decision.

The market remains headline-driven, so investors may prefer to focus on risk management rather than react to every Intraday swing.

Disclaimer: The article is for informational purposes only and not investment advice.