The Indian stock Market witnessed a sharp fall in the Tuesday trading session as the benchmark indices Nifty and Sensex continued their decline on the third day. Selling across the indices except FMCG put a massive pressure on the market.
The National Stock Exchange (NSE) Nifty 50 index concluded down at 22,302 with 0.62 per cent dip, whereas the S&P Bombay Stock Exchange (BSE) Sensex slumped 383 points lower with 0.52 per cent loss at 73,511 levels on the closing bell.
In the Nifty50 index, merely 15 stocks ended up in the green territory. Hindustan Unilever rose 5.46 per cent on an optimistic commentary on rural demand. Tech Mahindra, Britannia and Nestle India rallied more than 2 per cent, whereas TCS, ITC and Kotak Mahindra gained more than 1 per cent.
Conversely, in the laggard segment, 35 stocks declined into the red territory. Bajaj Auto dipped more than 4 per cent, while Power Grid, ONGC, and IndusInd Bank lost more than 3 per cent.
Analyst Note
“Profit taking in the markets continued as investors wary of higher valuations trimmed their exposure in banking, metals, oil and gas, realty and power shares. With the US Fed delaying its rate cut decision and inflation still above the comfort level, investors would be risk averse and mostly resort to selective bullish bets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Metal, PSU Banks and Auto suffered the most followed by around 3.5 per cent fall in Nifty Realty. Bank, Finance and Pharma remained weak while IT traded in green territory. However, FMCG exhibited its strength with more than 2 per cent gain.
The more domestically focussed indices, mid-cap and small-call lost 1.95 per cent and 1.89 per cent respectively.
Stocks Specific
Marico jumped more than 1 per cent to Rs 583 with firm’s strong guidance for FY25 despite missing estimates in fourth quarter corporate earnings of FY24.
Paytm hit 5 per cent lower circuit at Rs 333 for the second day after the firm’s CEO Bhavesh Gupta exited the firm hurting the talent pool.
CG Power closed on a record-high of Rs 570 with more than 4 per cent gain after the firm’s operating revenue rose 15 per cent and profit before tax stood at 7 per cent.
