Mid-day updates: Indian markets plummet amid middle east tensions; Sensex drops over 1,300 points 

Indian stock markets continued their downward spiral on Thursday afternoon, with the Sensex plunging 1,366.54 points or 1.62 per cent to 82,899.75 and the Nifty 50 falling 419.90 points or 1.63 per cent to 25,377.00 as of 12:30 pm. The sell-off, which began in the morning, intensified due to escalating Middle East tensions and rising oil prices.

The market breadth remained negative, with 2,772 stocks declining compared to 1,092 advances on the BSE. Despite the overall bearish sentiment, 216 stocks hit their 52-week highs, while 60 touched their 52-week lows.

Sectoral indices also faced significant pressure. The Nifty Next 50 dropped 1.89 per cent, Nifty Midcap Select fell 2.03 per cent, Nifty Bank declined 1.53 per cent, and Nifty Financial Services slipped 1.84 per cent.

Among individual stocks, JSW Steel emerged as the top gainer on the NSE, rising 1.82 per cent, followed by Dr. Reddy’s (0.43 per cent) and ONGC (0.17 per cent). On the other hand, BPCL led the losers, dropping 4.58 per cent, followed by Tata Motors (-3.64 per cent), Asian Paints (-3.63 per cent), Larsen & Toubro (-3.54 per cent), and Shriram Finance (-3.45 per cent).

The market volatility was further reflected in the number of stocks hitting their upper and lower circuits, with 298 stocks reaching their upper circuit limits and 223 hitting their lower circuit limits.

The sell-off was primarily attributed to geopolitical tensions in the Middle East, with Iran’s missile strikes on Israel causing Brent crude to surge above $74 per barrel. This global uncertainty led to a sell-off across markets, with foreign investors offloading ₹5,579 crore in Indian equities on Wednesday.

Adding to the market woes were weak GST collections and a drop in Manufacturing PMI, which further dampened investor sentiment. However, the India VIX, a measure of market fear, fell 6.26 per cent, suggesting some easing of anxiety among investors.

Analysts predict ongoing volatility in the coming days, driven by geopolitical tensions and upcoming corporate earnings reports. The immediate resistance for the Nifty is seen at 25,850, with support at 25,550.

As the trading day progresses, market participants remain cautious, closely monitoring global developments and their potential impact on domestic markets. With several hours left until market close at 3:30 pm, traders and investors continue to reassess their positions in light of the current market dynamics.