Sensex falls over 200 points, Nifty below 24,450 as oil nears $90/barrel. What lies ahead?

At 9.26 am, Sensex dropped over 200 points to trade 78,000, while Nifty 50 drpped below 24,250. Broader markets also remained in the green, with Nifty Smallcap 100 and Nifty Midcap 100 recording marginal gains.

Tech Mahindra, UltraTech Cement, Eternal and Bharat Electronics shares gained nearly 1% to lead gains on Sensex, while Zudio-parent Trent shares fell around 0.6% to lead losses. Among the sectors, Nifty Metal rose more than half a percent to lead gains, while Nifty FMCG fell more than 0.3%.

The overall market breadth was positive, with NSE seeing 1,408 advances and 830 declines, while 173 stocks remained unchanged.

What lies ahead?

Brent crude which has again moved above $89 level. The off and on in the US-Iran skirmishes continues with the latest attack by US military on a Panama-flagged container ship. Iran now appears to be hardening its stance on the opening of the Strait of Hormuz. This might keep crude prices elevated, constraining a rally in the market, according to the analyst.

SBI projects the FY27 GDP growth at 8% against the RBI’s 6.7%. This optimism is based on the trends in most leading indicators. If this turns out to be true, corporate earnings for FY27 will be much better-than-expected. This is a bullish factor,” Vijayakumar said, adding that a significant trend in the market is the hyper activity in the mid and small-cap segments where stocks are responding to results and news.

Tech view on Nifty

Technically, Nifty’s undertone remains subdued yesterday below 24,650, said Rajesh Palviya, Head of Research at Axis Direct. He noted that the benchmark index will likely find immediate support at 24,400, followed by 24,250–24,200.

A sustained recovery in crude could, however, trigger renewed buying and push the index towards 24,800, according to the analyst.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price