Nifty tries to snap losing streak as broader market slides and Brent tops $113

what happened

The Nifty 50 opened the final session of a shortened trading week after another weak and highly volatile day. The index has declined for three straight sessions and is down about 2%, erasing nearly all of last week's gains. The heavier losses came in the broader market, where the Midcap index fell 3.5% and the Smallcap index dropped 4.5%, its worst showing since the start of the year. Several Nifty 50 and broader market companies report results today, and subscriptions close for the Jio Platforms IPO, which has already drawn bids worth over ₹1 lakh crore. According to TradingView, the key support levels for the Nifty are Wednesday and Thursday lows at 22,649 and 22,554, while the 22,800-22,900 zone could bring supply. The Nifty Bank remains within a 54,500-55,500 range. Crude remains the main obstacle to a recovery, with Brent trading above $113 a barrel.

why it matters

Crude is the main pressure point for Indian equities. Higher oil prices squeeze the margins of fuel retailers known as OMCs and weigh on an import-dependent economy, while ONGC and Oil India typically move in the opposite direction to crude prices. Investors are also watching IT companies after an AI-related sell-off.

market impact

Indian equities: pressure on Nifty and midcaps; Brent above $113 hurts OMCs and supports ONGC and Oil India

tags

instruments