Market Wrap

Indian equities remained under pressure for another session, with the Nifty 50 declining 0.32% to 24,078 and extending its losing streak. The index is now hovering close to its 89-day EMA, making the 24,000–24,100 zone an important near-term support area.

Broader markets remained weaker, with midcaps and smallcaps underperforming the benchmark. In contrast, IT stocks staged a meaningful rebound after several sessions of selling, offering some relief to the sector. However, the broader market setup remained cautious as elevated crude oil prices, rising global bond yields and persistent geopolitical uncertainty continued to weigh on investor sentiment.

Global cues also remained fragile. Asian markets were mostly lower following technology-led weakness on Wall Street, while higher U.S. Treasury yields and crude prices continued to pressure risk assets and reduce the attractiveness of emerging-market equities.

What's Ahead

The key focus for the next session will be whether buyers can defend the Nifty's 24,000–24,100 support zone and trigger a technical rebound. A sustained hold above this area could provide some stability, while a decisive break below it may open the door to further weakness.

Investors will closely track crude oil prices, the rupee, U.S. Treasury yields and the upcoming FOMC minutes for signals on the Federal Reserve's rate outlook. The recent rebound in IT stocks will also be watched for follow-through buying. Until broader market participation improves, however, the near-term outlook remains cautious and stock-specific.

Market Snapshots

Institutional Activity

Sectoral Performance

Technical Outlook

Nifty 50

The NIFTY 50 closed at 24,078.30, declining 0.32% and extending its losing streak to seven consecutive sessions. The index remained under selling pressure throughout the session and slipped below the 24,100 mark, while the RSI fell below 50, indicating weakening momentum and continued bearish pressure. Market breadth was also weak, with 34 stocks declining against 16 advancing. The immediate support zone stands at 23,902–23,792, while resistance is placed at 24,255–24,364. A sustained move above the resistance zone would be required to signal improving momentum, while a break below 23,902 could increase downside pressure.

BankNifty

The NIFTY BANK ended marginally lower at 57,239.75, down 0.04%, after opening lower and remaining under pressure for most of the session. Selling in major private-sector banks offset gains across several PSU banks, while the RSI slipped below 50, signalling a deterioration in short-term momentum. The index continues to trade in a cautious setup, with support at 56,946–56,764 and resistance at 57,534–57,716. A sustained breakout above 57,716 could improve the near-term technical structure, whereas a break below 56,946 may strengthen the bearish bias.

NIFTY FINANCIAL SERVICES

The NIFTY Financial Services index declined 0.36% to 26,013, with insurers and NBFCs facing notable selling pressure. Market breadth remained firmly negative, with 13 stocks declining against six advancing, highlighting weak participation across the financial space. The index is currently facing near-term pressure, with support placed at 25,766–25,613 and resistance at 26,260–26,413. A sustained move above 26,413 could indicate renewed buying interest, while a break below 25,766 would weaken the technical setup further.

Sensex

The SENSEX declined 325.78 points, or 0.42%, to close at 76,909.68, extending the broader market weakness. Selling was concentrated across power, financial, consumer and infrastructure stocks, while market breadth remained weak with 22 stocks declining against only eight advancing. The index is facing immediate support at 76,362–76,023, while resistance is placed at 77,457–77,796. Holding the 76,362 support zone could allow the index to attempt a rebound, but a decisive break below 76,023 would signal increasing downside risk.