Market looked stable on the index today, but inside the market selling pressure was clearly visible. Many sectors stayed weak through the session. Banks, PSU stocks, metals and oil-related stocks saw continued selling. Midcaps also struggled to keep momentum after recent volatility. IT stocks were one of the few areas holding the market better today. Right now, the bigger worry for the market is crude oil and rupee weakness. Brent crude is again close to $108 and rupee has fallen near the 96 mark against the dollar. This combination usually creates pressure on Indian markets because India imports a lot of crude oil. Bond yields also moved higher today, which added more pressure on sentiment. One important thing today is Nifty did not fall sharply, but market participation became weaker. That usually means money is moving only into selective stocks instead of the full market moving together.

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