Indian equity markets recovered part of their early losses on Thursday, with the BSE Sensex and Nifty 50 rebounding in afternoon trade after a weak start to the session.
By 1:44 pm, the Sensex was down 423.95 points, or 0.55 per cent, at 77,072.41, while the Nifty fell 155.15 points, or 0.64 per cent, to 24,022.50. The Nifty managed to reclaim the key psychological level of 24,000 after slipping below it earlier in the day, while the Sensex recovered nearly 800 points from its intraday low.
Market breadth remained negative, with declines outpacing advances, indicating that selling pressure persisted despite the partial recovery.
Analysts attributed the rebound primarily to value buying, as investors stepped in to pick up stocks after benchmark indices had dropped more than 1.2 per cent during morning trade. Buying interest was particularly visible in information technology and pharmaceutical stocks.
V.K. Vijayakumar of Geojit Investments said investor focus is gradually shifting towards companies reporting stronger-than-expected fourth-quarter earnings and offering positive business outlooks, creating selective opportunities despite broader uncertainty.
Sensex plunges over 1,200 points as oil price surge rattles marketsThe session also coincided with the monthly derivatives expiry for the Sensex, which typically leads to heightened volatility. The India VIX, a measure of market volatility, eased slightly from its intraday high, reflecting some stabilisation in investor sentiment.
Global factors continued to influence market direction. Brent crude prices, which had surged earlier to multi-year highs amid geopolitical tensions, moderated during afternoon trade. Oil prices had spiked following reports that Donald Trump was set to review new military options related to Iran, raising concerns over supply disruptions in the Middle East.
From a technical perspective, analysts noted that the Nifty’s immediate support lies in the 23,900–23,800 range, while resistance is seen between 24,200 and 24,300. A sustained move above higher levels would be required to confirm a stronger upward trend.
Market participants are expected to remain cautious in the near term, with movements likely to be driven by global developments, oil price fluctuations and domestic earnings announcements.
With PTI inputs
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