Nifty Falls Below 24,350 as Market Faces Fresh Selling

Mumbai: The Indian stock market came under renewed selling pressure on Thursday as the benchmark Nifty slipped nearly 100 points and fell below the crucial 24,350 level, raising concerns among investors. The decline came after a weak opening and marked the second consecutive session of losses.

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The market opened on a mixed note. The Nifty fell 4 points to 24,431, while the Sensex opened 145 points higher at 78,111. However, the initial gains failed to sustain as selling pressure intensified shortly after the opening bell.

On Wednesday, the Nifty had declined 35 points to close at 24,435, setting the stage for another volatile session.

IT, Pharma and Banking Stocks Under Pressure

Selling pressure was visible across several major sectors during Thursday’s trading session. IT, pharma, metals, banking and financial services indices were trading in the red, weighing on the broader market.

In contrast, auto and media stocks showed strength and traded higher.

Among the Sensex top 30 companies, the market remained divided, with nearly half of the stocks trading higher while the remaining counters witnessed declines.

IndiGo, Tech Mahindra and Eternal were among the stocks showing strength, while UltraTech Cement, Titan and Reliance Industries came under selling pressure.

Mixed Trend in US and Asian Markets

Global market cues remained mixed. US equities ended Wednesday’s session on a mixed note following the release of inflation data.

Meanwhile, Asian markets received a boost from strong earnings reported by companies in the artificial intelligence sector. Japan’s Nikkei gained around 1.5%, while South Korea’s KOSPI surged nearly 4.2%.

Despite these positive global signals, Indian equities continued to face selling pressure, indicating that domestic factors are currently weighing heavily on investor sentiment.

Crude Oil Prices Remain a Key Factor

Crude oil prices remain an important factor for the Indian market. Oil prices are currently hovering around $88 per barrel.

A sustained rise in crude prices could increase India’s import bill and put additional pressure on the rupee. Higher crude prices can also influence investor sentiment and increase concerns over inflation and corporate costs.

Inflation Hits 19-Month High

India’s retail inflation has climbed to 4.45%, reaching its highest level in 19 months.

The rise in inflation could weigh on investor sentiment and remains an important factor for the market. Investors are closely watching inflation trends for their potential impact on monetary policy, interest rates and overall economic growth.

Rupee Weakens, FII Selling Continues

The Indian rupee weakened by 9 paise against the US dollar, closing at around 95.30.

Foreign Institutional Investors (FIIs) remained net sellers in the Indian equity market on Wednesday, offloading shares worth around Rs 1,002 crore.

However, Domestic Institutional Investors (DIIs) provided strong support by purchasing equities worth approximately Rs 5,841 crore.

Nifty 24,340–24,550 Range Crucial

The Indian stock market is currently caught between positive and negative global and domestic signals. Strong Asian markets, positive AI-related earnings and heavy DII buying are providing some support.

At the same time, elevated crude oil prices, rising inflation, a weaker rupee and continued FII selling are keeping investors cautious.

For traders and investors, the 24,340–24,550 range is expected to remain crucial. Whether the Nifty sustains below 24,340 or manages to recover towards 24,550 could provide important signals about the market’s next direction.

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