Nifty, Sensex Fall Over 1% As RIL, ICICI Bank Lead Decline: Midday Market Update

India's benchmark stock indices extended losses through midday on Friday, snapping a five-day winning streak, as markets across the globe slumped amid rising geopolitical tension and weak economic data from the US.

The Nifty fell 1.15% and the Sensex declined 1.04%, led by losses in heavyweights Reliance Industries Ltd. and ICICI Bank Ltd.

At 12:32 p.m., the NSE Nifty 50 was trading 247.65 points, or 0.97%, lower at 24,766.05, and the S&P BSE Sensex fell 778.04 points, or 0.94%, to trade at 81,087.

The index has formed a "spinning top candlestick" pattern, representing indecisiveness between the bulls and bears, according to Aditya Gaggar, director of Progressive Shares Brokers Pvt.

The immediate support for Nifty 50 is placed at 24,800, while the recent high of 25,078 will be considered a strong hurdle, he said.

Gaggar also mentioned that all other sectors except for energy have formed different bearish candlestick patterns, which shows a temporary pause in the trend.

Shares of HDFC Bank Ltd., Kotak Mahindra Bank Ltd., and Shriram Finance Ltd. were contributing to changes in the Nifty 50.

While those of Reliance Industries Ltd., ICICI Bank Ltd. and Larsen & Toubro Ltd. were weighing the index.

On NSE, nine out of 12 sectors were trading lower, with Nifty Auto and Realty declining the most. The Nifty Media rose the most.

The broader indices were also trading lower, with the BSE MidCap falling 0.85% and the BSE SmallCap plunging 0.38%.

All 20 sectoral indices on BSE declined, with BSE Sensex falling the most.

The market breadth was skewed in favour of the sellers as 2,172 stocks declined, 1,609 stocks advanced and 126 remained unchanged on the BSE.