Indian Markets Trade Mixed as Financial Stocks Drag Indices Lower
Indian stock market indices showed marginal losses in mid-session trading, with the Sensex at 83,445.23 and Nifty 50 at 25,556.75. Financial stocks fell over 2%, with Bajaj Finance and Bajaj Finserv seeing significant declines. IT, auto, chemicals, and FMCG sectors posted modest gains. The market breadth was negative with more stocks declining than advancing. Vodafone Idea emerged as a leading gainer among midcap stocks after narrowing its net loss. Britannia Industries' stock slumped following the resignation of its Managing Director.
*this image is generated using AI for illustrative purposes only.
The Indian stock market experienced mixed trading during mid-session, with benchmark indices showing marginal losses primarily due to pressure on financial stocks amid profit-taking. The Sensex traded 90.12 points higher at 83,445.23, while the Nifty 50 dropped 17.60 points to 25,556.75. Both indices demonstrated significant fluctuations throughout the session.
Sector Performance
Financial stocks were the main drag on the market, falling over 2%. Bajaj Finance saw a sharp decline after cutting its asset-growth guidance, while Bajaj Finserv shares also tumbled ahead of its quarterly results announcement. In contrast, IT, auto, chemicals, and FMCG sectors posted modest gains.
Market Breadth
The overall market breadth remained negative, with 1,743 stocks declining versus 1,203 advancing, indicating a broader bearish sentiment.
Notable Stock Movements
- Britannia Industries' stock slumped following the resignation of its long-time Managing Director, Varun Berry, from his leadership roles.
- Vodafone Idea emerged as a leading gainer among midcap stocks following the release of its quarterly results. The telecom giant narrowed its net loss to Rs 5,524.00 crore from Rs 7,176.00 crore in the previous comparable period, with revenue increasing by 2.4% to Rs 11,194.00 crore.
Other Corporate Updates
- Bajaj Finance reported a 22% increase in consolidated net profit, reaching Rs 4,875.00 crore, although this figure fell short of market expectations.
- Baazar Style Retail marked a significant turnaround, reporting a net profit of Rs 51.00 crore, compared to a previous loss of Rs 9.00 crore.
- In the EV segment, Ather Energy reported a narrower loss of Rs 154.00 crore, down from Rs 197.00 crore previously.
- JK Tyre announced plans to invest Rs 5,000.00 crore over the next 5-6 years for capacity expansion.
- Hero MotoCorp's EV arm, VIDA, launched a new variant of its electric scooter, the VX2 Go 3.4 kWh.
Investors and market participants continue to closely monitor these developments and their potential impact on overall market sentiment and individual stock performances in the coming days.
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