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Market Update

Nifty : 24,363.30 -232.85 (-0.95%)

Sensex : 79,857.79 -765.47 (-0.95%)

* Equity benchmark Sensex tumbled nearly 800 points, while Nifty sank to a three-month low, slipping below the 24,400 mark, as concerns deepened over the ongoing uncertainty around a potential US–India trade deal. Sentiment weakened further after US President Trump ruled out any talks unless India stops importing oil from Russia. Adding to the pressure, Trump signed an executive order imposing an additional 25% tariff on Indian goods—raising the total tariff burden to 50%—in retaliation for India’s continued Russian oil purchases.

* Persistent FII selling and heightened US–India trade tensions weighed heavily on markets, with the Sensex falling 765 points, or 1%, to close at 79,857, and the Nifty losing 232 points, or 1%, to settle at 24,363. The Nifty has now fallen for six straight weeks, shedding over 1,000 points (around 5%), marking its steepest losing streak since 2008.

* Selling was broad-based across sectors, with the Nifty Defence and Realty indices leading the declines, each down 2%. EMS stocks also remained under pressure, with Dixon Technologies (India) slipping alongside peers. PG Electroplast plunged 20% after trimming its FY26 revenue growth guidance in the wake of weak Q1 earnings. In the broader market, the Nifty 500 advance-decline ratio stood at 1:4, reflecting continued selling in mid- and small-cap stocks. PSU Banking major SBI ended on flat note after reported inline with expected Q1 results

*  Globally, overnight US markets and Asian and European bourses ended mixed, supported by optimism that corporate earnings are holding up despite US tariffs and by hopes for a potential ceasefire in Ukraine.

Technical Outlook:

* Nifty index opened negative and sharply slipped in the first hour as the market responded to macro headwinds. Shallow rebound emerged in the early afternoon but sellers remained firmly in control, driving the index lower than its previous day’s low and it closed with losses of around 230 points.

* It formed a bearish candle on the daily and weekly frame and has been making lower lows from the last five weeks. Now if it holds below 24442 zones then weakness could be seen towards 24200 then 24000 zones while hurdles have shifted lower to 24500 and 24650 zones.

Derivative Outlook:

* Nifty future closed negative with losses of 0.99% at 24430 levels. Positive setup seen in Cummins India, Max Financial, Titan, NTPC, Fortis, Pidilite Industries, HDFC Life, Paytm, CDSL, and Trent while weakness in Kalyan Jewellers, PG Electroplast, Coforge, Biocon, Mazagon Dock, Amber, Indus Tower, PI Industries, Tata Motors and Solar Industries.

* On option front, maximum Call OI is at 25000 then 24500 strike while maximum Put OI is at 24500 then 24000 strike. Call writing is seen at 24500 then 24600 strike while Put writing is seen at 24300 then 24000 strike. Option data suggests a broader trading range in between 23900 to 24800 zones while an immediate range between 24100 to 24500 levels.

Global Market Update

* European Market - European stocks edged higher, on track for their best week since May amid optimism that company earnings are weathering US tariffs and on hopes for a potential ceasefire in Ukraine. Both Germany and France Index gained 0.2% each.

* Asian Market - Asian equities rose slightly, with a key benchmark on track for a fifth-straight daily gain, led by a charge in Japan on strong corporate earnings and easing US tariff pressure.

* US Data - Consumer Credit.

* Commodity - Oil is trading flat at below $67/bbl as traders judged that US efforts to end the war in Ukraine would not impact overall supplies, even as Washington penalized India for taking Moscow’s crude.

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