{
  "id": 1669655,
  "title": "Nifty slips below 24,200 at midday; IT stocks lead losses as crude stays elevated",
  "url": "https://urgent.news/2026/08/18/nifty-slips-below-24-200-at-midday-it-stocks-lead-losses-as-crude",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-18T07:51:39.000Z",
  "source": {
    "name": "Hindu BusinessLine",
    "slug": "hindu-businessline",
    "url": "https://www.thehindubusinessline.com/markets/nifty-slips-below-24200-at-midday-it-stocks-lead-losses-as-crude-stays-elevated/article71359424.ece"
  },
  "original_language": "en",
  "account": "By midday on Tuesday, equity markets were in a downward trajectory, with the Nifty 50 falling below the critical 24,200 level and the Sensex declining further as crude oil prices remained high and geopolitical tensions persisted. As of 1:05 pm, the Sensex was at 77,339.36, down 388.80 points or 0.50% from Monday's close, while the Nifty 50 reached 24,186.40, slipping 101.25 points or 0.42% from its previous close. Both indices were on track for a sixth consecutive day of losses. Negative market breadth was evident, as 2,267 stocks fell compared to 1,828 that gained out of 4,312 traded on the BSE. 199 stocks hit lower circuit limits while 178 moved into upper circuit limits, and 75 touched 52-week lows against 162 hitting 52-week highs, highlighting the overall cautious sentiment. The IT sector bore the brunt of the day's losses, with Infosys falling 2.34% to ₹1,113.20, HCL Technologies dropping 2.05% to ₹1,297.80, Tech Mahindra slipping 1.75% to ₹1,581.90, and Tata Motors' passenger vehicle arm TMPV declining 1.85% to ₹324.10. Asian Paints led the index's decline, falling 2.40% to ₹2,622.90. Automobiles and financials offered some relief, with Mahindra & Mahindra gaining 0.98% to ₹3,423.60 on high trading volumes, Trent up 0.96% to ₹2,974.30, Axis Bank rising 0.77% to ₹1,236.80, Bajaj Finance advancing 0.73% to ₹1,097.20, and Reliance Industries edging up 0.54% to ₹1,323.10. WTI crude oil hovered near $84.40 per barrel after breaking out of its previous $81–$83 range, while MCX Crude Oil was close to ₹8,150, breaking above key moving averages. The rupee continued its slide to around ₹95.65 per dollar, with the USD/INR pair crossing its rising trendline and momentum indicators signaling further potential weakness for the domestic currency. Precious metals slipped in the session; the COMEX Gold was near $4,449.10, down $24.60 or 0.55% from its peak, and MCX Gold was approximately ₹154,977, down ₹963 or 0.62%. Similarly, COMEX Silver declined 1.41% to $65.295, and MCX Silver was down 1.03% to ₹235,594. Observers are closely monitoring the Nifty 50's breach of the 24,200 mark, where it converges with both the 50-day and 100-day EMAs. The RSI has dropped to around 47, suggesting that bearish momentum is intensifying. The index needs to reclaim the 24,400 level to stabilize, or else selling pressure could build toward the 24,000 mark. Bank Nifty, which opened with a slight dip near 57,331, was hovering above the 57,200–57,100 zone at midday, requiring a move above 57,500 to initiate a recovery. With the weekly derivatives expiry adding to intraday volatility and no new positive catalysts in sight, market participants remained largely on the sidelines, awaiting further cues from global markets in the afternoon.",
  "summary": "The information technology sector remained under the heaviest pressure through the session; Infosys was the biggest loser among Nifty 50 stocks, falling 2.34% to ₹1,113.20",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}