Market Wrap: Nifty and Sensex Close in Red as Telecom and Banks Drag
Indian stock markets ended negative on Wednesday, with Nifty 50 down 0.38% at 25,443.80 and BSE Sensex shedding 0.34% to close at 83,409.69. Diamond, Gems and Jewellery sector outperformed with a 5.82% gain, while Telecom Equipment struggled, dropping 3.07%. Sigachi Industries plummeted 7.58% following a tragic fire incident, while Gabriel India hit a 20% upper circuit on restructuring news. Market breadth remained negative with 2,430 decliners against 1,962 advancers out of 4,392 traded scrips.

*this image is generated using AI for illustrative purposes only.
Market Overview
The Indian stock markets closed on a negative note on Wednesday, with both benchmark indices, Nifty 50 and BSE Sensex, ending in the red. The Nifty 50 closed at 25,443.80, down 98 points or 0.38% from the previous close. Similarly, the BSE Sensex ended at 83,409.69, shedding 287.60 points or 0.34%.
Sectoral Performance
The market witnessed a mixed bag of sectoral performances, with some sectors showing strength while others faced selling pressure.
Top Performing Sectors
Sector | Avg. Percentage Change |
---|---|
Diamond, Gems and Jewellery | 5.82% |
Engineering Services | 1.17% |
Oil & Gas | 0.97% |
Capital Goods - Electrical Equipment | 0.72% |
Cables | 0.70% |
Top Losing Sectors
Sector | Avg. Percentage Change |
---|---|
Telecomm Equipment & Infra Services | -3.07% |
Banks | -1.23% |
Printing & Stationery | -0.90% |
Power | -0.84% |
Forest Materials | -0.79% |
Buzzing Stocks
Sigachi Industries: The stock plummeted 7.58% to close at ₹42.56. The company faced continued selling pressure following a tragic fire at its Hyderabad facility on June 30, which claimed 36 lives. An FIR has been filed against the management, and the company awaits clearance from the fire department.
Dreamfolks Services: Shares declined by 5.52%, ending at ₹223.49. The company announced the closure of certain programs for private lenders like Axis Bank and ICICI Bank, warning of potential material impact on financials. The CEO also accused major airport operators of using pressure tactics affecting lounge access programs.
Gabriel India: In contrast to the overall market trend, Gabriel India's stock hit a 20% upper circuit for the second consecutive day, reaching ₹975.40. The surge came after the company announced a major business restructuring plan, including the integration of Anchemo India Pvt. with Asia Investments Pvt.
Market Breadth
The overall market breadth remained negative, with decliners outnumbering advancers:
Category | Number of Scrips |
---|---|
Total | 4,392 |
Positive | 1,962 |
Negative | 2,430 |
Conclusion
The Indian stock market ended the day on a subdued note, with both Nifty and Sensex closing lower. While sectors like Diamond, Gems and Jewellery showed strength, Telecom Equipment and Banks faced significant selling pressure. The market breadth tilted towards the negative, reflecting the overall cautious sentiment among investors.