The Nifty IT index remained the worst-performing sectoral index, declining 1.33% during mid-day trade | Photo Credit: istock.com

Equity benchmarks traded with a cautious positive bias in afternoon deals on Thursday as losses in IT stocks capped gains despite favourable cues from softer crude oil prices, strength in banks and defence counters, and optimism over the India-UK FTA.

At 12.30 pm, the Sensex was up 111.44 points, or 0.14 per cent, at 77,267.06, after touching an intraday low of 76,953. The Nifty 50 gained 32.10 points, or 0.13 per cent, to 24,117.80 after slipping to 24,036.95 earlier in the session.

Investor sentiment remained supported by lower oil prices after progress in the US-Iran peace process, which has lifted the markets in the last four sessions, even as concerns over a potential US rate hike later this year continued to weigh on export-oriented technology companies.

IT remains under pressure; broader markets hold firm

The Nifty IT index remained the worst-performing sectoral index, declining 1.33 per cent at the time of writing. The sector continued to face selling pressure amid concerns that a higher-for-longer interest rate environment in the US could impact technology spending.

Other sectors such as metal, oil & gas, consumer durables and auto also traded lower. On the positive side, realty, banking and media stocks posted modest gains.

Broader markets outperformed the benchmarks, with the Nifty Midcap 100 rising 0.07 per cent and the Nifty Smallcap 100 gaining 0.35 per cent.

Trent, BEL, HDFC Bank top gainers

Among the Nifty 50 constituents, Max Healthcare, Trent, Bharat Electronics, Eicher Motors and HDFC Bank were among the top gainers. Infosys, Tech Mahindra, TCS, Tata Consumer Products and Maruti Suzuki led the losers.

In the midcap segment, Nykaa, Radico Khaitan, Tata Investment Corporation, BHEL and ICICI Asset Management Company surged 2-8 per cent. However, LTF, Swiggy, One97 Communications (Paytm), Info Edge and MCX declined 1-3 per cent.

Among smallcap counters, Star Health, Five-Star Business Finance, CDSL and Redington gained 6-7 per cent, whereas IFCI and IDBI Bank declined 5-7 per cent.

Defence counters continued their upward momentum after India reported its highest-ever defence production and exports in FY26. Reflecting the optimism, the Nifty India Defence index climbed to a fresh record high of 9,580.80 during the session.

RBI move on FCNR deposits seen positive for banks

Banking stocks received support after the Reserve Bank of India temporarily removed the interest rate ceiling on fresh FCNR(B) deposits with tenors of three to five years and NRE deposits with maturities of three years and above until September 30, 2026. According to SBI Securities, the move will allow banks to offer higher rates to attract foreign currency deposits, improve systemic liquidity, support deposit growth and strengthen liability profiles.

The brokerage said lenders facing deposit constraints, including HDFC Bank, Axis Bank and Bank of Baroda, could be among the key beneficiaries of the measure.

Market breadth remains positive

Market breadth remained favourable, indicating broader participation despite mixed sectoral trends. Of the 3,246 stocks traded on the NSE, 1,684 advanced, 1,445 declined and 117 remained unchanged. As many as 118 stocks, including Apar Industries, Data Patterns, Radico Khaitan, Bharat Forge and Nippon Life India Asset Management, hit their 52-week highs, while 17 stocks touched fresh 52-week lows.

Additionally, 104 stocks hit their upper circuits, while 48 stocks were locked in lower circuits.

Technical support

According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the Nifty witnessed a sharp rally in the opening session, climbing to its highest level in over 40 days, before profit booking emerged at higher levels.

Shah expects the 23,910-23,930 zone to act as a key support for the index, while resistance is seen at 24,160-24,180. A break below 23,910 could drag the index towards the 23,800-23,750 zone, whereas a decisive move above 24,180 may extend the rally towards 24,380.

On the derivatives front, Shah noted significant call writing at the 24,100 and 24,200 strikes, while the highest put open interest was concentrated at the 24,000 strike, followed by 23,900, indicating these levels could provide near-term support. For the Sensex, he sees support at 76,600 and resistance at 77,400.

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Published on June 18, 2026