Wednesday's Session: Sensex slips 13 pts; Nifty ends at 24,055

Indian equity benchmarks ended flat after a volatile session, as gains in IT, FMCG and auto stocks were offset by weakness in pharma and banking shares. The BSE Sensex declined 12.99 points (0.02%) to close at 76,944.28, while the NSE Nifty 50 lost 24.60 points (0.10%) to settle at 24,055.80 .

Key Driver: Markets remained range-bound with the Nifty defending the crucial 24,000 support level. Global uncertainties and rising crude oil prices kept investors cautious. Nifty hit an intraday low of 23,952 before recovering .

Selective strength: Banking stocks saw buying interest, with Nifty Bank rising 0.05% to 57,814.70. The index saw a sharp surge during the closing auction session (CAS) .

Geopolitical risk premium returns; Brent crude breaks above $94

Oil prices extended gains and hit intraday highs, with Brent crude rising 4% to $94.12 per barrel and WTI trading above $86, amid fresh hostilities between the US and Iran reviving concerns over prolonged disruptions to crude and refined-product flows through the Strait of Hormuz .

Outlook: Rising crude prices pose a risk to India's inflation and current account deficit. Markets will closely monitor geopolitical developments.

Rupee gains to 95.38; VIX rises 4.78% to 11.19

The rupee pared its initial losses and settled 22 paise higher at ₹95.38 against the US dollar on Wednesday, amid likely RBI intervention, even as rising crude oil prices and geopolitical tensions weighed on the local unit.

India VIX rose 4.78% to 11.19, indicating increased hedging activity and caution despite volatility remaining at relatively comfortable levels .

FII/DII flows: FIIs were net buyers of ₹1,143.38 crore in the cash market, while DIIs bought ₹1,846.94 crore — a joint net buying of nearly ₹2,990 crore .

Indian equity benchmarks ended flat after a volatile session, with the Nifty ending at 24,055.80 and the Sensex at 76,944.28, as gains in IT, FMCG and auto stocks were offset by weakness in pharma and banking shares .

✅ Positives: Nifty held above the crucial 24,000 support level, touching an intraday low of 23,952 before recovering . Both FIIs and DIIs were net buyers in the cash market, with joint net buying of nearly ₹2,990 crore . Nifty Bank showed resilience, rising 0.05% during the closing auction session .

⚠️ Negatives: Brent crude surged 4% to $94.12 per barrel amid US-Iran tensions . India VIX rose 4.78% to 11.19, reflecting increased caution . The Nifty is now just above the 24,000 mark, keeping traders cautious .

🎯 What's next: The Nifty closed Wednesday at 24,055.80. Immediate support stands at 24,000, with resistance at 24,150-24,250 . All eyes are on US jobs data and geopolitical developments for further direction. The overall trend remains weak and vulnerable to further downside toward 23,900-23,800 if support breaks .