Markets at Noon: Nifty and Sensex Dip as Engineering Services Lead Sectoral Losses
By ScanX News Team
Indian markets trade negative at midday with Nifty 50 down 0.28% and Sensex down 0.33%. Engineering Services sector leads losses at -1.78%, while Castings, Forgings & Fasteners top gainers at 1.22%. MobiKwik shares decline 6.39% as lock-in period ends, Hindustan Zinc drops 5.78% amid expansion plans and stake sale. Aakash Exploration Services surges 16.44% on new order.
*this image is generated using AI for illustrative purposes only.
Market Overview
The Indian stock markets are trading in negative territory at midday, with both benchmark indices showing modest declines. The Nifty 50 is currently at 24,784.75, down 68.65 points or 0.28% from its previous close. Similarly, the BSE Sensex stands at 81,317.82, registering a drop of 265.48 points or 0.33%.
Sectoral Performance
Top Losing Sectors
| Sector | Loss (%) |
|---|---|
| Engineering Services | -1.78 |
| Trading | -1.50 |
| Printing & Stationery | -1.24 |
| Energy | -0.81 |
| Diversified | -0.66 |
Top Performing Sectors
| Sector | Gain (%) |
|---|---|
| Castings, Forgings & Fasteners | 1.22 |
| Telecomm Equipment & Infra Services | 0.86 |
| Retail | 0.77 |
| Oil & Gas | 0.67 |
| Unnamed Sector | 0.46 |
Buzzing Stocks
MobiKwik: Shares of the digital payments company declined 6.39% to ₹252.20 as the six-month lock-in period for shareholders ended. The stock is now trading 9% below its IPO price of ₹279.
Hindustan Zinc: The stock dropped 5.78% to ₹458.25, extending a six-day decline. The company announced a ₹12,000 crore expansion plan, while promoter Vedanta sold a portion of its stake for ₹3,018 crore at a floor price of ₹452.20 per share.
Aakash Exploration Services: The stock surged 16.44% to ₹10.20 after receiving an order valued at ₹193.60 million.
Conclusion
As the trading session reaches its midpoint, the Indian markets are showing a slight bearish trend with engineering services leading the sectoral losses. However, some sectors like castings and telecom equipment are bucking the trend with positive performances. Investors are closely watching stocks like MobiKwik and Hindustan Zinc, which are experiencing significant movements due to recent corporate actions.
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