Whalesbook
The sell-off was fueled by rising geopolitical tensions in West Asia and continuous foreign institutional investor (FII) outflows, creating caution in the market.
Geopolitical Tensions and FII Selling
Foreign investors offloaded a net ₹340.89 crore on Thursday, adding to ₹6,961.75 crore in outflows so far this month. Domestic institutions provided some support by purchasing ₹441.07 crore, but their buying could not counter the selling pressure on key index stocks.
Banking and Financial Stocks Under Pressure
HDFC Bank was the biggest drag on the Nifty, falling 2.14% to ₹779.00 on significant trading volumes. Other major decliners included Coal India, down 2.12% to ₹456.75, Bajaj Finance falling 1.99% to ₹953.40, UltraTech Cement slipping 1.84% to ₹11,922.00, and Axis Bank decreasing 1.79% to ₹1,269.60. This widespread weakness reflected broad pressure across the banking and financial services sectors.
Select Stocks Offer Gains
On the positive side, Apollo Hospitals led the gainers, rising 2.52% to ₹8,034.50. Tata Consumer Products also posted gains of 2.42% to ₹1,179.60, while Asian Paints advanced 2.35% to ₹2,590.10. Adani Ports added 1.40% to ₹1,757.00, and Infosys provided some support with a 1.14% rise to ₹1,175.90.
Commodity and Currency Watch
Brent crude oil prices remained elevated, trading above $101 per barrel. On the Multi Commodity Exchange (MCX), crude oil futures hovered in the ₹9,000–₹9,100 range. "The near-term bias remains cautious to bearish, with direction contingent on evolving disruption concerns in the Strait of Hormuz," noted Ponmudi R, CEO of Enrich Money. The Indian Rupee held steady against the dollar, trading in the ₹94.40–₹94.60 range. MCX Gold prices were above ₹1,52,000, and MCX Silver traded above ₹2,60,000.
Technical Outlook and Volatility
Technically, the Nifty faces critical support at the 24,100–24,000 zone. Any recovery attempts may encounter resistance at 24,400–24,500. With the US Nonfarm Payrolls data due later in the day, volatility is expected to remain high throughout the afternoon session.