Sensex falls over 150 pts, Nifty below 25,150; auto, metal stocks top drags
ADVERTISEMENT At 9:19 am, the BSE Sensex was down 159 points, or 0.19%, at 82,411, while the Nifty50 slipped 54 points, or 0.21%, to 25,142.
Within the Sensex pack, M&M, Tata Motors, Tata Steel, Eternal, and ICICI Bank were among the top laggards, falling up to 1.2%. On the other hand, Trent, Tech Mahindra, HDFC Bank, Adani Ports, and Infosys opened with modest gains.
Sectorally, Nifty Auto slipped 0.7% in early trade, weighed down by losses in Exide Industries, M&M, and Ashok Leyland. Nifty Metal and Nifty Financial Services also declined by up to 0.5%.
Among individual stocks, Dixon Technologies (India) rallied nearly 4% after the company announced on Tuesday that it has signed a binding term sheet to acquire a 51% stake in Kunshan Q Tech Microelectronics (India).
HDB Financial Services shares tumbled 3.7% after the company reported a 2% decline in net profit for the first quarter of fiscal year 2026, reaching Rs 568 crore. This is down from Rs 582 crore in the same period last year.
ADVERTISEMENT Tech Mahindra, L&T Technology Services, and brokerage firm Angel One are among the key companies scheduled to report their June-quarter earnings later in the day.
Experts View
"The market has been oscillating in a narrow range during the last two months. A breakout above the upper band of the range, well beyond Nifty 25500, needs positive triggers. Such a trigger may come from an India-US trade deal with tariffs on India pegged at around 20 percent," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
"A sustained rally in the market needs earnings support. There are no signs of a strong earnings support and earnings growth visibility. Two big segments of the market - IT services and consumption, particularly FMCG - are struggling with tepid earnings. There are green shoots of earnings recovery in FMCG but IT services continue to struggle. This means earnings growth for FY26 will be around 10 percent only," Vijayakumar added.
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