Sensex, Nifty retreat as oil rises; analyst flags Glenmark, Jio Financial and Marico ahead of Friday trade

Indian equities slipped on Thursday as elevated crude oil prices pressured sentiment, adding to weakness from a softer rupee and continued foreign institutional investor outflows. The BSE Sensex dropped 852.49 points, or 1.09%, to 77,664, while the NSE Nifty50 fell 205.05 points, or 0.84%, to 24,173.05.

With broader markets under pressure, traders are expected to focus on Jio Financial Services, Marico and Glenmark Pharmaceuticals on Friday. Vishnu Kant Upadhyay, AVP of Research at Master Capital Services, pointed to fresh technical signals on all three counters ahead of the session.

Upadhyay said Glenmark Pharma is showing strong technical momentum after a decisive breakout to a fresh all-time high following an extended consolidation phase. He noted a clear surge in volumes, indicating strong buying participation and confirming the validity of the breakout.

The stock’s price action remains in an uptrend with a steady higher-high, higher-low formation and sustained trading above key moving averages. Holding above the breakout zone, he added, suggests strength and acceptance at higher levels. For Jio Financial Services, Upadhyay observed early indications of a potential trend reversal after a prolonged decline.

A recent sharp bounce from lower levels, accompanied by improving volumes, suggests fresh buying interest. He highlighted a breakout from an inverse head-and-shoulders pattern, which typically signals a bullish shift in trend, alongside price action moving back above short-term EMAs and a sequence of higher lows that makes the structure appear constructive.

Marico, he said, continues to display a firm bullish bias, rebounding from the lower end of its rising channel and extending its ongoing uptrend. The stock maintains a constructive structure with consistent higher highs and higher lows and is trading comfortably above key moving averages across timeframes, indicating trend strength.

According to Upadhyay, the setup suggests the uptrend is intact and that near-term pullbacks are likely to be viewed as buying opportunities rather than signs of weakness. Traders will be watching whether these technical patterns sustain into Friday’s trade as markets weigh oil prices, currency moves and foreign flows.