Mid-day Mood | Nifty, Sensex snap three-day losing streak; Oil & Gas, Media, Metal indices jump over 2%

The India VIX, a gauge of market volatility, eased by over nine percent to hover around the 17 level in the afternoon

Benchmark indices Sensex and Nifty snapped three-day losing streak to trade higher by over one percent during the August 7 session.

All sectors and the broader markets regained momentum to trade in the green. The broader markets have regained their positivity after the sharp sell-off seen over the past three sessions. The Nifty Smallcap 100 and Nifty Midcap 100 are trading close to two percent higher respectively.

At 12:32 pm, the Sensex was up 736 points or 0.94 percent at 79,329, and the Nifty was up 267.4 points or 1.11 percent at 24,260.

About 2,589 shares advanced, 729 shares declined, and 82 shares remained unchanged.

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Sectoral Trends

All sectors were trading in the green on Wednesday, with Nifty Oil & Gas, Nifty Media and Nifty Metal surging over two percent each. These apart, the IT and pharma indices also recorded sharp gains as the sentiment recovered.

Fundamental ViewAccording to VK Vijayakumar, Chief Investment Strategist of Geojit Financial Services, even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII buying.

"This countervailing investment by DIIs can impart resilience to the market. It appears that the exuberance of retail investors has taken a knock after the crash in the broader market. Market valuations continue to remain elevated. There is value in financials. At this juncture in the market, investors should prioritise largecap investment over the mid and small caps," said Vijayakumar.

Technical View

"For key levels, 24,250 appears to be immediate resistance, while the 24,350 - 24,400 range remains a challenging barrier for the bulls. Only a close above this range could potentially revive some positive momentum in the market.

"On the downside, immediate support is seen at 23,900 - 23,850, below which the Nifty may slip towards the 23,600 - 23,550 levels. Traders are advised to monitor these levels closely and adjust their trades accordingly, while also keeping an eye on global developments, as our markets are particularly influenced by global momentum," said Sameet Chavan, Head Research, Technical and Derivative - Angel One.

Key Nifty gainers

ONGC, Bajaj Auto, Coal India, Adani Enterprises, Adani Ports

Key Nifty losers

IndusInd Bank, Bharti Airtel, Asian Paints, Kotak Bank, Titan

Key Sensex gainers

Adani Ports, JSW Steel, M&M

Key Sensex losers

IndusInd Bank, Bharti Airtel, Asian Paints

Stock moves 

Fusion Microfinance: The microfinance player's shares hit the lower circuit after the BFSI player reported a net loss for the quarter ended June, 2025. Fusion Finance has posted a net loss of Rs 36 crore for the quarter ended June as compared to a profit of Rs 120 crore in the corresponding quarter last year.

Gland Pharma: Shares of the pharma player dived around 9 percent after the company reported dismal earnings for the fiscal first quarter. The drugmaker's net profit slipped 26 percent on-year to Rs 143.8 crore in the April-June quarter, largely due to lower milestone income.

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