The S&P BSE Sensex dropped by 109.08 points to close at 80,039.80, while the NSE Nifty50 lost 7.40 points to end at 24,406.10.
In Short
- Axis Bank and Nestle results dampen investor sentiment
- Tata Motors, ONGC, BPCL among top gainers
- Mixed performance across Nifty sectoral indices
Benchmark stock market indices closed flat on Thursday, as poor results from Axis Bank and FMCG behemoth Nestle depressed investor mood.
The S&P BSE Sensex fell 109.08 points to settle at 80,039.80, while the NSE Nifty50 shed 7.40 points to finish at 24,406.10.
“Following a tumultuous session, the Indian market closed flat, weighed down by lower-than-expected profit growth from major banks. “Global indices also reacted negatively due to disappointing results from top US tech companies,” said Vinod Nair, Head of Research at Geojit Financial Services.
Tata Motors led the Nifty50 index with a 3.97% gain, followed by ONGC at 4.83%, BPCL at 3.67%, SBI Life at 3.62%, and L&T at 2.91%.
Axis Bank experienced the highest decline at 5.68%, followed by Nestle India at 2.58%, ICICI Bank at 2.14%, Titan at 2.11%, and Tata Steel at 1.75%.
“The government’s commitment to improving consumption and closing the energy transition gap in the budget boosted sectoral sentiment. Despite retail investors’ continued enthusiasm for the broader market, the current high valuations are expected to force a move toward large-cap equities,” Nair added.
Today’s market activity saw uneven performance from major Nifty sectoral indices. Nifty Auto led the pack with a 1.24% increase, followed by Nifty Media at 0.81%, Nifty Pharma at 0.94%, and Nifty Healthcare at 0.61%.
On the negative, numerous indices fell, with Nifty Metal dropping the most, by 1.25%. Other indices that fell were Nifty Bank (0.83%), Nifty Financial Services (0.52%), Nifty FMCG (0.7%), Nifty IT (0.55%), Nifty Private Bank (0.2%), and Nifty Realty (0.83%).
“Markets have shown great resilience during this consolidation phase, therefore we continue to advocate searching for buying opportunities on dips as long as the Nifty remains above 24,200. Given the varying trends across industries, it is critical to prioritize stock selection. In addition to earnings reports, the performance of global indices, particularly in the United States, will be actively monitored for further indications,” said Ajit Mishra, SVP, Research at Religare Broking Ltd.
The Nifty Midcap100 index fell by 0.23%, while the Nifty Smallcap100 index dropped by 0.27%. The India VIX, which measures market volatility, jumped by 7.26 percent.
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