It was not a cheerful day for investors as the Indian stock market wrapped up Tuesday’s trading session with losses across key indices. Both Sensex and Nifty slipped into negative territory.
The BSE Sensex fell to close at 80,641.07, down by 0.19%. Meanwhile, the NSE Nifty also ended lower at 24,379.60, declining 0,33% by the end of the session.
Pharma stocks were at the receiving end today, with the Nifty Pharma index closing at 21,534, registering a fall of 1.11%.
“The domestic market has been consolidating in recent sessions following the strong recovery, driven by cautious sentiment amid India-Pakistan border tensions. Weak earnings growth for the current quarter has further impacted the market. Small- and mid-cap stocks have underperformed compared to benchmark indices. Meanwhile, investors are closely monitoring India’s bilateral trade negotiations with the US. Additionally, speculation around the US Federal Reserve is drawing attention, as no rate cuts are expected in the near term, affecting global trends,” said Vinod Nair, Head of Research, Geojit Investments.
Let’s take a look at the key highlights of today’s trading session –
Who shined bright?
The top performers on the Nifty 50 included Hero MotoCorp, Bharti Airtel, Tata Steel, Hindustan Unilever, and M&M.
Major laggards of the day
On the flip side, several heavyweights contributed to the market’s slide. The biggest losers in the Nifty 50 basket were Adani Enterprises, Jio Financial, Eternal, Trent, and SBI Life, dragging down the overall index.
Ather Energy listed on BSE and NSE
Ather Energy made its stock market debut on May 6, with a quiet start that soon turned disappointing for investors. The electric vehicle maker’s shares opened slightly higher at Rs 326.05 on the BSE, just 1.57% above its issue price of Rs 321 but the early gains did not last long. By the end of the trading day, Ather’s stock had slipped nearly 6%.
Rupee slides
The Indian rupee weakened by 19 paise on Tuesday, ending the day at 84.43 against the US dollar compared to the previous close of 84.24.
All sectors in red, Auto lone survivor
Most sectoral indices closed in the red, with auto being the only exception holding its ground. PSU Bank stocks took the hardest hit, plunging nearly 5%, while the Realty index slumped nearly 4%. Other sectors like pharma, consumer durables, media, oil & gas, and power also saw declines ranging between 1% – 3%.
The pain extended beyond the large caps, with both BSE Midcap and Smallcap indices tumbling around 2% each.