Sensex down by around 500 to 600 points, slipping below the 82,000 mark
As of 11:41 AM, the equity benchmark indices were trading lower, with the Sensex down by around 500 to 600 points, slipping below the 82,000 mark, and hovering near 81,600–81,750. The Nifty50 also dropped below the 25,000 level and was seen trading around 24,930–24,960, down by approximately 150 to 180 points. This subdued performance in domestic equities came despite positive global cues following strong US labour and retail data, which had helped ease concerns about a global economic slowdown.
The downturn in Indian markets was largely driven by selling pressure in banking and telecom stocks. Axis Bank was the top loser on the Nifty, falling by nearly 4 to 6 percent after reporting a weaker-than-expected Q1 result. The bank's net profit dropped by 4 percent year-on-year to ₹5,806 crore, while its net interest margin narrowed to 3.80 percent. A rise in gross non-performing assets, which increased from 1.28 percent to 1.57 percent on a quarterly basis, added to investor concerns. Kotak Mahindra Bank and Bharti Airtel also contributed to the drag on indices, with notable declines.
Meanwhile, select IT stocks provided some relief. Wipro gained around 3 to 4 percent after posting better-than-expected Q1 earnings, aided by continued resilience in client spending in the US. Broader markets showed mixed action—while midcaps were down mildly, small-caps saw limited declines of around 0.7 percent. Some stocks on the BSE defied the trend and posted gains of over 15 percent.
Globally, the mood remained optimistic. Asian markets traded higher following a record close on Wall Street, supported by upbeat US economic data. The MSCI Asia ex-Japan index was up around 0.7 percent. However, foreign institutional investors continued to be net sellers in Indian markets, even as domestic institutional investors provided some cushion. Crude oil prices were stable, and the Indian rupee strengthened marginally, trading around ₹86 against the US dollar.
From a technical standpoint, the Sensex showed signs of pressure, trading below its short-term moving averages, with immediate support seen around 81,600. The Nifty Bank index dropped to lows near 56,780 but showed signs of slight recovery. The overall market trend suggests consolidation amid ongoing Q1 earnings announcements and macroeconomic cues, with upcoming results from companies like Reliance Industries and JSW Steel likely to drive direction in the near term.
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