Indian stock market indices ended flat following disappointing quarterly results from major companies such as Axis Bank and Nestle, which affected investor sentiment. The S&P BSE Sensex declined by 109.08 points, closing at 80,039.80, while the NSE Nifty50 fell by 7.40 points, ending at 24,406.10.
“After a volatile trading session, the market settled flat, influenced by lower-than-expected earnings from major banks and FMCG companies. Global markets also reacted negatively to poor performance reports from leading US tech firms,” noted Vinod Nair, Head of Research at Geojit Financial Services.
Among Nifty50 stocks, Tata Motors led with a 3.97per cent gain, followed by ONGC at 4.83per cent, BPCL at 3.67per cent, SBI Life at 3.62per cent, and L&T at 2.91per cent. Conversely, Axis Bank experienced the largest drop at 5.68per cent, with Nestle India falling by 2.58per cent, ICICI Bank by 2.14per cent, Titan by 2.11per cent, and Tata Steel by 1.75per cent.
“The government’s focus on enhancing consumption and addressing energy transition needs in the budget has supported sectoral sentiment. Despite ongoing interest from retail investors, high valuations may shift focus towards large-cap stocks,” added Nair.
Sectoral indices on the Nifty displayed mixed performances. The Nifty Auto index saw the most significant increase, rising by 1.24per cent, followed by Nifty Media up 0.81per cent, Nifty Pharma gaining 0.94per cent, and Nifty Healthcare advancing by 0.61per cent. However, several indices faced declines, with Nifty Metal experiencing a 1.25per cent drop, followed by Nifty Bank down 0.83per cent, Nifty Financial Services down 0.52per cent, Nifty FMCG down 0.7per cent, Nifty IT down 0.55per cent, Nifty Private Bank down 0.2per cent, and Nifty Realty down 0.83per cent.
“Markets are demonstrating resilience during this consolidation phase. We recommend looking for buying opportunities on dips, especially if the Nifty maintains levels above 24,200. With mixed sectoral trends, stock selection remains crucial. Additionally, the performance of global indices, particularly in the US, will be closely monitored for further guidance,” advised Ajit Mishra, SVP of Research at Religare Broking Ltd.
The Nifty Midcap100 index declined by 0.23per cent, and the Nifty Smallcap100 index fell by 0.27per cent. The India VIX, a gauge of market volatility, increased by 7.26per cent.
