In a day of fluctuating market sentiments, the Indian equity benchmarks, BSE Sensex and NSE Nifty 50, closed lower after oscillating between gains and losses on Wednesday. The indices opened with a downward gap, setting the tone for a challenging session. Ultimately, the Sensex ended 208 points lower at 61,774, while the Nifty 50 closed below the 18,300 mark with a decline of 63 points, settling at 18,285.
Financial stocks continued to underperform, with HDFC Bank and ICICI Bank emerging as the top losers. Their downward movement exerted significant pressure on the overall market performance. However, midcap stocks showed relative strength, outperforming their large-cap counterparts. The market breadth remained neutral, with an advance-decline ratio of 1:1.
Amid the market turbulence, certain stocks managed to showcase positive momentum. Sun Pharma witnessed a rise of over 2% after Taro reported improved quarterly earnings, with a notable 500 basis points increase in margins. Dixon Tech also surged by 7% on the back of better-than-estimated Q4 results, impressing investors.
Deepak Nitrite caught the attention of investors as it announced plans to invest a significant amount of ₹5,000 crore in Gujarat over the next four years. This development propelled the stock to surge by 9%, reflecting the market's positive response to the company's growth prospects.
Mahindra CIE experienced a 5% rise in its stock price after M&M sold a 3.2% stake in a clean-out trade. This move contributed to the positive sentiment surrounding the company. However, Adani Enterprises and Adani Ports saw a temporary halt to their three-day gaining streak, with both stocks declining by 6% and 2% respectively.
Cummins faced a challenging day as cautious outlook weighed on the stock, resulting in a 6% decline after the release of its earnings report. Profit booking impacted Biocon, causing it to end 7% below its intra-day highs. India Cements also witnessed a 3% decrease as its Q4 losses widened, adding to the overall negative sentiment.
Ashok Leyland encountered a decline of over 2% following the announcement of in-line Q4 results. NMDC and Hindalco closed in the red after posting mixed Q4 numbers, contributing to the downward pressure on the market.
While financials and metals weighed down the indices, FMCG and healthcare stocks managed to stay in the green, offering some respite to the overall market performance.
As the day unfolded with volatility, investors remained focused on the quarterly results of NALCO, which are expected to be announced later in the day. Stay tuned for further updates on the market trends, top gainers, and losers as the Indian stock market continues its dynamic journey.