Markets remained deep in the red through the first half of Wednesday’s session, with both benchmark indices continuing to trade well below their 200-day moving averages as the escalating conflict in West Asia kept investor sentiment fragile. At 12.30 pm, the BSE Sensex was trading at 78,758.56, down 1,480.29 points or 1.84 per cent from its previous close of 80,238.85, having opened sharply lower at 78,528.82. The NSE Nifty 50 was at 24,373.65, a loss of 492.05 points or 1.98 per cent from the prior session’s close of 24,865.70, after opening at 24,388.80.
The selloff, which began at the opening bell with gap-down openings, has persisted through the morning session with no meaningful recovery attempt. Broader markets have borne an even heavier toll — the Nifty Next 50 fell 3.08 per cent to 66,535.95, the Nifty Midcap 100 dropped 2.75 per cent to 56,581.30 and the Nifty Smallcap 100 declined 2.75 per cent to 16,174.40. The Nifty Bank shed 2.17 per cent to 58,553.95, the Nifty Financial Services index fell 2.34 per cent to 26,922.65.
Among sectoral indices, all sectors are trading in the red. Nifty Metal is the worst performer, down 4.59 per cent. On the broader BSE platform, out of 4,298 stocks traded, only 811 have advanced against 3,322 declines, with 165 unchanged. As many as 634 stocks hit 52-week lows, while only 47 touched fresh 52-week highs. Stocks in the lower circuit stood at 258 against 105 in the upper circuit. The Advance-Decline ratio on Nifty stands at 3:47.
Only three Nifty 50 stocks are in positive territory at midday. Coal India leads the gainers, up 2.04 per cent to ₹434.95, followed by Infosys, which has gained 0.95 per cent to ₹1,301.20. Bharti Airtel is the third gainer, adding 0.34 per cent to ₹1,879.60. On the losing side, Tata Steel is the biggest drag, down 7.62 per cent to ₹194.94. Larsen & Toubro has slid 6.23 per cent to ₹3,813.30. Tata Motors has fallen 5.28 per cent to ₹351.05, JSW Steel is down 5.24 per cent to ₹1,200.90, and SBI Life Insurance has lost 4.77 per cent to ₹1,935.30.
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the Nifty faces a crucial support zone at 24,270–24,250. A slip below 24,250 could pull the index toward the next support band of 24,120–24,100. Resistance is placed at 24,480–24,500, and a break above 24,500 could trigger an extension of the rally towards 25,650. On the options front, meaningful call writing has been witnessed at the 24,400 and 24,500 strikes. On the put side, 24,300 has substantial open interest, followed by the 24,200 strike. Nifty’s Put-Call Ratio stands at 0.72, reflecting bearish sentiment. For Sensex, Shah pegs support at 77,300 and resistance at 78,100.
Ponmudi R, CEO of Enrich Money, noted that the selloff reflects a decisive risk-off shift, with the deepening West Asia conflict driving crude oil prices higher and reigniting concerns over India’s import bill and inflation trajectory. He said selling pressure was broad-based, with most sectoral indices barring IT trading sharply lower, reflecting defensive repositioning rather than isolated profit-taking. “Unless there is visible de-escalation in the Middle East or supportive macro developments, markets are likely to remain volatile in the near term, with participants favoring capital preservation over aggressive positioning,” he said.
On the currency front, the USD/INR pair has pushed above the 92.00 zone, driven by dollar strength, higher crude oil prices, and rising geopolitical risk. Analysts note that a sustained hold above 92.20 could push the pair further towards 92.50–92.80. Meanwhile, safe-haven assets have attracted strong flows — MCX Gold futures are trading within the ₹1,60,000–₹1,70,000 range with a positive bias, and MCX Silver futures are around ₹2,60,000–₹2,80,000 following a gap-up opening. On MCX, crude oil is trading in the ₹6,900–₹7,200 range, having opened with a significant gap-up on supply disruption concerns. Markets remain on watch for any geopolitical developments that could shift the trajectory through the afternoon session.
Published on March 4, 2026