Nifty slips below two-session lows as brent crude tests $88; IT outperforms, private banks drag
Market breadth on BSE was decisively negative. Of 4,334 stocks traded, 1,933 advanced and 2,168 declined, with 233 unchanged.
The Nifty 50 index slipped below its two-session lows as Brent crude oil prices surged near $88 per barrel on Tuesday, August 11, 2026. The Nifty 50 fell 133.30 points or 0.54 percent to 24,450.50, while the Sensex declined 413.52 points or 0.53 percent to 78,128.92. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, noted that the Nifty declined below the lows of two previous trading sessions due to the sharp spike in Brent crude prices.
The critical support for the Nifty was identified as the 24,360-24,340 zone, with resistance at 24,530-24,550. A breach below 24,340 could drag the index towards 24,220-24,200, while a surge above 24,550 could extend the rally towards 24,700. Market breadth on the BSE was decisively negative, with 1,933 stocks advancing and 2,168 declining.
Among Nifty 50 sectors, the IT industry outperformed, while private banks were the worst performers. Dr. Reddy's Laboratories led the gainers, rising 2.61 percent to ₹1,189.10, followed by Titan and Eicher Motors. The primary driver of the selloff was crude oil, with WTI crude holding near $82 per barrel after a more than 6 percent rally in recent sessions.
Brent has tested $87.9 per barrel. The Indian rupee weakened to around ₹95.4 against the U.S. dollar, facing resistance at ₹95.4-₹95.5 and support at ₹95.3-₹95.2. Precious metals, such as COMEX Gold and MCX Gold, also surged, while MCX Silver extended gains to nearing ₹2,38,900.
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