For stock hunters: In Rs 10 lakh crore Friday market crash, 50 stocks rally against Iran war sell-off

Indian equities witnessed broad-based selling on Friday amid escalating geopolitical tensions and rising crude oil prices, but a handful of stocks managed to defy the market slump. Nearly 50 stocks traded higher even as benchmark indices and the broader market remained under pressure.

The BSE Sensex and Nifty 50 fell sharply during intra-day trade, dragged down by intensifying conflict in West Asia, surging oil prices and continued foreign institutional outflows. The Sensex at one point plunged nearly 1,500 points, while the Nifty dropped close to 400 points during the session.

Despite the sharp correction, select stocks posted gains, offering pockets of resilience in an otherwise weak market.


Among the top performers was ACME Solar Holdings, whose shares rose around 7% after the company announced it had commissioned BESS capacity in the first phase of its project rollout. Shares of L&T Technology Services gained about 6%, while IFCI also rose roughly 6% during the session.

IFCI saw buying interest after NSE announced the appointment of 20 merchant bankers and eight law firms as part of the process for its long-awaited IPO. The development is seen as a step forward for the exchange’s listing plans.

Other stocks that advanced during the session included Syngene International, which gained around 4%, and Cohance Lifesciences, which rose about 3%. Shares of Niva Bupa Health Insurance Company, Fertilizers and Chemicals Travancore, and Muthoot Finance were up more than 2% each.

Several other stocks also posted gains despite the weak market tone, including Angel One, BASF India, V-Guard, FirstCry, Concord Biotech, Rashtriya Chemicals, Castrol India, Bayer CropScience, CESC, and Afcons Infrastructure.

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Market breadth, however, remained firmly negative. Within the Nifty 500, only 28 stocks were trading higher while 469 stocks were in decline, highlighting the intensity of selling pressure across the broader market.

The smallcap segment was particularly weak, with the Nifty Smallcap 250 index falling nearly 3% during the session.

Within the Nifty 50, the index was down close to 500 points by Friday afternoon, with only three stocks trading in the green --Tata Consumer Products, Hindustan Unilever, and Bharti Airtel.

The sharp fall in equities came amid rising global risk aversion. Crude oil prices have surged following tanker attacks and renewed supply disruption concerns in the Middle East, triggering volatility across global markets. India, which imports nearly 85% of its crude oil requirements, remains particularly vulnerable to rising oil prices as it can affect inflation expectations, currency stability and corporate margins.

According to Ponmudi R, CEO of Enrich Money, Nifty remains under strong bearish control. "Immediate support is placed around 23,300, and a breakdown below that level could accelerate the decline toward the 23,000–22,500 zone, which represents the next major demand area."

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On the upside, 23,600 now acts as the immediate resistance level corresponding to the opening gap area, while stronger resistance lies around 23,800, he said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)