Nifty 50 closes below 25k, investors lose ₹3 lakh crore— 10 key highlights from Indian stock market today
The Sensex lost 502 points, or 0.61 per cent, to close at 81,757.73, while the Nifty 50 settled at 24,968.40, down 143 points, or 0.57 per cent. The BSE Midcap index ended 0.62 per cent lower, and the Smallcap index dropped 0.64 per cent.
The cumulative market capitalisation of the firms listed on the BSE dropped to over ₹ 458 lakh crore from nearly ₹ 461 lakh crore in the previous session, making investors poorer by almost ₹ 3 lakh crore in a single session.
Weak start of Q1 earnings, elevated valuations and foreign capital outflow are among the key factors keeping the market down.
Lingering uncertainty over an India-US trade deal is also among key factors behind the market's downtrend.
"A broad-based sell-off was observed in the national market amidst a disappointing initial set of earnings from the finance and IT sectors. Elevated valuations in large-cap stocks, coupled with significant net short positions held by FIIs, have contributed to a cautious sentiment among investors. Additional tariff threats are also casting a shadow on India over its trade relationship with Russia," said Vinod Nair, Head of Research, Geojit Investments Limited.
Wipro (up 2.21 per cent), Bajaj Finance (up 1.97 per cent), and Tata Steel (up 1.63 per cent) closed as the top gainers in the Nifty 50 index.
Some 33 stocks ended in the red in the Nifty 50 index, among which, Axis Bank (down 5.27 per cent), Shriram Finance (down 3.06 per cent) and BEL (down 2.38 per cent) ended as the top losers in the index.
All sectoral indices ended in the negative, except for the Nifty Media and Metal indices, which rose 0.96 per cent and 0.37 per cent, respectively, and the Nifty IT, which ended flat.
Nifty Bank and Financial Services indices dropped almost 1 per cent each, while the Private Bank index crashed 1.46 per cent. The PSU Bank index slipped 0.66 per cent.
Vodafone Idea (28.52 crore shares), Jaiprakash Power Ventures (19.19 crore shares), and GTL Infrastructure (11.33 crore shares) were the most active stocks in terms of volume on the NSE.
Astec LifeSciences-RE, Viji Finance, Bhagyanagar India, Gujarat Mineral Development Corporation, Manali Petrochemicals, Vimta Labs, and Cupid were the seven stocks that jumped over 10 per cent on the NSE.
Prostarm Info Systems, Rajoo Engineers, Vertoz, Rama Phosphates, and Felix Industries were among the 66 stocks that hit their upper circuits on the NSE during the session.
On the other hand, 33 stocks, including Diamond Power Infrastructure, Smarten Power Systems, and Venus Remedies, hit their lower circuits.
Out of 4,208 stocks traded on the BSE, 1,657 advanced, while 2,394 declined. Some 157 stocks remained unchanged.
HDFC Asset Management Company, Biocon, RBL Bank, Piramal Enterprises, and JK Cement were among the 143 stocks that hit their 52-week highs in intraday trade on the BSE.
On the other hand, 45 stocks, including HDB Financial Services, Bharat Global Developers, Sukhjit Starch & Chemicals, Network People Services Technologies, and Jindal Worldwide, hit their 52-week lows on the BSE.
Vishnu Kant Upadhyay, Assistant Vice President – Research & Advisory Master Capital Services, underscored the index took support at the 50-day EMA, indicating a temporary halt in selling pressure.
Going forward, Upadhyay believes sustained trade below 24,900 could lead the index toward the next key support at 24,800-24,750, while a recovery above 25,000 may attract fresh buying interest.
Rupak De, Senior Technical Analyst at LKP Securities, underscored that the Nifty 50 remained under selling pressure, falling towards 24,900, where it found initial support.
De further said that the index stayed above the 50-day exponential moving average (50EMA) and appears poised for a short-term pullback after a sharp correction.
However, it remains a 'sell on rise' as long as it trades below 25,260. On the downside, selling may intensify if it breaks below 24,900, De said.
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