Midday Market Report: Sensex, Nifty struggle amid global headwinds; auto, IT stocks drag markets

Indian stock markets remained under pressure on March 28, as weak global cues and concerns over US tariffs dampened investor sentiment. By noon, the Sensex had slipped 65 points (0.08 per cent) to 77,541, while the Nifty was down 10 points (0.04 per cent) at 23,581.

Auto, IT stocks lead the decline

The IT and auto sectors bore the brunt of selling pressure, as investors reacted to concerns over potential tariff changes in the US. Auto stocks faced headwinds after reports of new import duties, while IT stocks struggled amid concerns over global demand.

Despite weakness in large-cap indices, broader markets showed resilience. The Nifty Midcap 100 and Nifty Smallcap 100 gained 0.5 per cent in intra-day trade, reflecting positive sentiment in mid and small-cap segments.

Key levels to watch

Market experts suggest that Nifty staying above 23,400 and Sensex above 77,100 could maintain bullish momentum. On the upside, resistance levels for Nifty and Sensex stand at 23,750–23,800 and 78,000–78,200, respectively. Analysts at ICICI Securities advised that any market pullback should be seen as a buying opportunity, given the upcoming earnings season and potential policy clarity from the US.

Stock-specific action

Among individual gainers, Zomato and Jio Financial Services, the latest additions to the Nifty 50, traded higher, supported by passive fund inflows. ONGC and BPCL shares jumped up to 4 per cent following reports that Saudi Aramco is in talks to invest in Indian refinery projects.

Outlook

Market participants remain cautious amid global uncertainties, with volatility expected to persist. Analysts believe the index is undergoing a consolidation phase, potentially setting the stage for the next leg of the uptrend.