Nifty Slips Over 150 Points on Crude Surge; Smallcaps Buck the Trend

MUMBAI, 12 OCTOBER: After Friday’s sharp recovery, the Nifty opened 70 points higher on strong global cues and touched an intraday high of 22,651. However, profit bookings set in almost immediately and persisted throughout the session, pulling the index nearly 250 points lower from its high to close near the day’s low. A gain of nearly 50 points during the Closing Auction Session (CAS) helped cushion the decline. NSE cash-market turnover fell 4% from the previous session.

Within the Nifty, Dr. Reddy’s, Bajaj Auto and Tata Motors Passenger Vehicles posted the strongest gains. Apollo Hospitals, ITC and Tech Mahindra, meanwhile, faced the steepest selling pressure and ended among the session’s major losers.

Sectoral performance was mixed. Media, Chemicals, Auto and Realty led the gains, while FMCG, PSU Banks and Metals were the top laggards. Broader markets bucked the weakness: the Nifty Midcap 100 rose 0.08%, while the Nifty Smallcap 100 surged 1.42%. Market breadth remained positive for a second straight day, with the advance–decline ratio at 1.06, indicating continued interest in mid- and small-cap stocks.

The Indian rupee was the strongest performer among its Asian peers, appreciating 96 paise to close at 95.77. The move was supported by the RBI’s targeted measures to curb speculation and contain volatility in the forex market.

Mr. Nandish Shah – Deputy Vice President, HDFC Securities: “Short-term trend remains bearish, with the Nifty trading below its 11 and 20 day EMAs. A sustained move above last week’s high of 22,776 would be needed to signal a bullish trend reversal. On the downside, 22,180 is the near-term support; a break below this level could signal a resumption of the downtrend”.

(Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)

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