Equity benchmarks reversed their morning gains by midday Wednesday, with the Sensex trading at 76,870.73, down 147.06 points or 0.19 per cent, and the Nifty 50 at 24,024.50, off 8.30 points or 0.03 per cent, as of 12.45 PM. The indices, which had opened sharply higher on ceasefire optimism and overnight Wall Street record highs, surrendered those gains as selling pressure emerged in heavyweight stocks led by Larsen & Toubro, Reliance Industries, and ONGC.

The broader market told a more nuanced story. Of 4,193 BSE stocks traded by midday, 2,375 were advancing against 1,625 declining, with 193 unchanged. A total of 160 stocks hit 52-week highs while 18 touched 52-week lows. Upper circuit triggers were recorded in 122 stocks and lower circuit in 122, indicating scattered volatility across the broader market.

The insurance sector emerged as a bright spot. HDFC Life was among the top performers, rising 2.68 per cent to ₹610.05 from a previous close of ₹594.10, with a staggering 2,80,31,349 shares traded worth ₹1,68,008.69 lakhs, making it one of the most actively traded counters on the Nifty by value. SBI Life (SBILIFE) followed, gaining 2.02 per cent to ₹1,857.90 against a previous close of ₹1,821.20 on volumes of 5,50,797 shares.

Retail major Trent advanced 2.58 per cent to ₹4,241.90 from ₹4,135.40, with 5,82,179 shares changing hands worth ₹24,692.54 lakhs. IndiGo parent InterGlobe Aviation, which had led morning gains, extended its rally to 2.72 per cent, trading at ₹4,353.50 against a previous close of ₹4,238.40 on volumes of 10,11,785 shares worth ₹44,157.43 lakhs. Pharma counter Cipla climbed 1.97 per cent to ₹1,360.00 from ₹1,333.70 on 11,08,710 shares worth ₹15,015.59 lakhs.

Larsen & Toubro remained the session’s heaviest drag, falling 3.18 per cent to ₹3,925.50 from ₹4,054.50. By midday, the stock had seen 57,68,194 shares trade hands worth ₹2,26,507.75 lakhs, making it the most actively traded stock by value on the Nifty. The capital goods major’s decline comes ahead of its quarterly results, with investors appearing cautious about near-term earnings delivery amid elevated input costs.

Reliance Industries slipped 2.16 per cent to ₹1,432.00 from a previous close of ₹1,463.60 on volumes of 52,60,033 shares worth ₹76,493.50 lakhs, adding significant weight to the index’s slide given its large market capitalisation. State-owned ONGC dropped 1.88 per cent to ₹284.50 from ₹289.95 despite crude oil prices easing, with 90,25,439 shares traded worth ₹25,857.88 lakhs. Hindustan Unilever extended its morning losses, now down 1.45 per cent to ₹2,293.60 against ₹2,327.40. Power Grid fell 1.03 per cent to ₹316.15 from ₹319.45 on volumes of 22,90,901 shares worth ₹7,268.11 lakhs.

The session had begun on firm ground, with Sensex opening at 77,424.36 and Nifty at 24,171.00, tracking Wall Street records and a pullback in Brent crude toward $108 per barrel following US Secretary of State Marco Rubio’s declaration that Operation Epic Fury had concluded. However, the gains proved short-lived as selling emerged in energy, FMCG, infrastructure, and oil-and-gas counters through the morning session.

Analysts had flagged 24,300 as the critical resistance level for the Nifty, and the index’s failure to sustain a move toward that zone has seen the market drift back toward the 24,000 pivot, a level technicians had identified as crucial heading into the session. With roughly two and a half hours of trade remaining, institutional activity and any fresh geopolitical headlines on the Middle East ceasefire are expected to determine whether the benchmark can claw back into positive territory before close.

Published on May 6, 2026