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Markets reversed their early morning gains by midday on Friday, with both benchmark indices trading in negative territory as selling pressure in energy, aviation, and infrastructure stocks outweighed continued strength in information technology. The Sensex was trading at 75,751.77, down 116.03 points or 0.15 per cent, while the Nifty 50 had slipped to 23,837.00, down 70.15 points or 0.29 per cent, as of 12.55 pm.

The broader market reflected a mixed picture. Of 4,302 stocks traded, 1,916 advanced and 2,171 declined, with 215 remaining unchanged. A total of 167 stocks hit 52-week highs while 55 touched 52-week lows. Additionally, 202 stocks were locked in upper circuit and 145 in lower circuit.

Despite the broader weakness, technology stocks remained the standout performers. Infosys led the Nifty 50 gainers, rising 3.57 per cent to ₹1,201.30 from its previous close of ₹1,159.90. Tech Mahindra gained 2.01 per cent to ₹1,484.90 from ₹1,455.60, while Larsen & Toubro advanced 1.67 per cent to ₹4,115.00 against its previous close of ₹4,047.50. Wipro added 1.50 per cent to ₹204.60 from ₹201.58, and HCL Technologies edged up 1.34 per cent to ₹1,180.80 from ₹1,165.20.

On the losing side, Eicher Motors was the biggest drag, falling 2.68 per cent to ₹7,220.00 from its previous close of ₹7,419.00. IndiGo declined 2.34 per cent to ₹4,463.10 from ₹4,570.00, while ONGC dropped 2.28 per cent to ₹267.80 from ₹274.05. Max Healthcare fell 1.86 per cent to ₹975.00 from ₹993.45, and Power Grid slipped 1.83 per cent to ₹294.65 from ₹300.15.

Markets opened with a constructive tone in the morning, supported by crude oil easing into the $87–89 per barrel range. However, comments from U.S. Vice President JD Vance that it remains “hard to say when or if” President Donald Trump will sign the proposed U.S.–Iran memorandum of understanding introduced fresh uncertainty, restraining any sustained upside. The rupee was trading in the 95.5–95.6 zone against the dollar, holding steady for now but still susceptible to global flows.

On the commodities front, MCX Crude Oil opened with a gap down and was trading in the ₹8,400–₹8,450 zone with a cautiously bearish bias. COMEX Gold was consolidating in the $4,520–$4,540 range, with resistance at $4,550–$4,600. MCX Gold was trading above ₹1,56,000, facing resistance at ₹1,57,500–₹1,58,000. COMEX Silver was holding in the $75.5–$77 range, while MCX Silver was holding above ₹2,68,000 with resistance at ₹2,69,000–₹2,70,000.

According to SBI Securities’ mid-market index view, Nifty’s Advance Decline Ratio stood at a weak 14:36, reflecting broad-based selling pressure beneath the surface. The 23,760–23,780 zone is now the crucial support band for the index, with resistance at 24,000–24,020. A slip below 23,760 could pull the index toward 23,500–23,400, while a move above 24,020 may extend the rally toward 24,220. On the options front, meaningful call writing was seen at the 23,900 and 24,000 strikes, while the 23,800 put holds substantial open interest, followed by 23,700. For Sensex, support is at 75,500 and resistance at 76,300.

Ponmudi R, CEO of Enrich Money, noted that “markets are likely to remain driven by headlines surrounding the U.S.–Iran negotiations,” and that “any clear confirmation of a diplomatic agreement could further strengthen risk appetite and support a relief rally, while delays or setbacks may revive volatility.”

With roughly three hours left in the session, direction will hinge on whether Nifty can hold the 23,800 support level and whether global headlines provide any fresh trigger before the close.

Published on May 29, 2026