Stock Market Live Updates: The BSE Sensex and Nifty50 are likely to see a positive start on Wednesday as global crude oil prices have edged lower. However, rising tensions in the Middle East continue to keep investors cautious, leading to sustained selling pressure across asset classes. Analysts believe market sentiment may remain weak until there is greater clarity on geopolitical developments and energy prices begin to stabilise.
Crude Oil Prices Dip After Three-Day Rally
Crude prices declined on Wednesday after climbing for three consecutive sessions. Traders are closely monitoring developments surrounding the fragile ceasefire between the US and Iran, as well as the outcome of the high-profile meeting between US President Donald Trump and Chinese President Xi Jinping in China.
Nifty and Bank Nifty Technical Outlook
Bajaj Broking View
The Nifty formed a third consecutive bearish candlestick pattern with a lower high and a lower low, signaling an extension of the decline and continuation of the downtrend. The index breached the lower band of the last three weeks' consolidation range of 23,800-24,400 and closed sharply below the 23,400 level. Bias remains down below Tuesday's breakdown area of 23,800. A follow-through weakness could open further downside towards 23,000-23,200 levels, which is the confluence of the lower band of the April 8 gap area and the 61.8% retracement of the previous pullback (22,182-24,601).
Similarly, the Bank Nifty breached the lower band of the last three weeks' consolidation range of 54,200-56,500 and closed sharply below the 54,000 level. Bias continues to remain down below Tuesday's high of 54,365. A follow-through weakness could lead to further downside towards 52,700-52,400 levels, the confluence of the lower band of the April 8 gap area and the 61.8% retracement of the previous pullback (49,955-57,456).
SBI Securities View
According to Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, the 23,530-23,550 zone is expected to act as a crucial resistance for the Nifty. As long as it sustains below the 23,550 mark, the prevailing bearish trend is likely to persist, potentially dragging the index lower towards 23,200, with the possibility of further downside extending to the 23,050 level.
For the Bank Nifty, the 54,100-54,200 zone is likely to act as a significant resistance. As long as the index remains below the 54,200 level, the downtrend is expected to continue, with the index likely to drift towards 53,000 in the near term, followed by a potential decline towards the 52,500 level.
Wall Street Tech Stocks Rally Halts
Wall Street's record-breaking rally lost momentum on Tuesday as a sharp sell-off in technology shares dragged major indices lower. The S&P 500 slipped 0.2% after touching an all-time high in the previous session. The Dow Jones Industrial Average managed to rise 56 points, or 0.1%, while the Nasdaq Composite retreated 0.7% from its record peak.
Chipmakers and several companies linked to the artificial intelligence rally witnessed some of the steepest declines. Intel tumbled 6.8%, despite the stock having surged more than threefold so far this year. Micron Technology fell 3.6% after gaining nearly 180% year-to-date, while CoreWeave dropped 6.1%, trimming part of its 60% rise in 2026.
Weakness in AI-related stocks had already surfaced earlier in Asian markets. South Korea's Kospi index dropped 2.3% from its historic high amid concerns that the government could redistribute excess profits earned by AI firms among citizens.
Meanwhile, rising oil prices also added pressure on Wall Street as fears grew that the conflict involving Iran could continue for longer. Brent crude advanced 3.4% to close at $107.77 per barrel as uncertainty deepened around the fragile ceasefire between the US and Iran. The ongoing conflict has effectively disrupted movement through the Strait of Hormuz, leaving oil tankers stranded in the Persian Gulf and delaying crude supplies to global buyers.
Rupee Hits Record Low
The rupee weakened by 40 paise on Tuesday to finish at a new record closing low of 95.68 against the US dollar, as escalating tensions between the US and Iran triggered caution across global financial markets. Currency traders said investor sentiment remained under pressure amid concerns that the 10-week-long conflict could further disrupt global supplies. Nervousness intensified after US President Donald Trump dismissed Iran's latest reply to a US-supported peace proposal as 'totally unacceptable.'
Market participants also viewed Prime Minister Narendra Modi's recent remarks on fuel conservation and reducing imports as an indication that India's trade deficit and external balance pressures could worsen if crude oil prices stay elevated for an extended period. In the interbank forex market, the rupee opened at 95.57 against the dollar and later slipped to an all-time intraday low of 95.74. The domestic currency eventually ended the session at a historic closing low of 95.68 per dollar, marking a decline of 40 paise from the previous close.
Asian Markets Decline
Asian equities declined after losses on Wall Street, as investors reacted to rising US inflation linked to higher oil prices since the Iran conflict began. The US dollar hovered near a one-week high after stronger-than-expected inflation data pushed Treasury yields higher, while renewed uncertainty in the Middle East kept risk appetite subdued.
Wall Street indices ended in the red on Tuesday, with both the S&P 500 and Nasdaq retreating from record levels. Investors turned cautious after inflation data came in hotter than expected and concerns resurfaced over the fragile US-Iran ceasefire, prompting profit booking toward the close of an otherwise strong earnings season.
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