Markets Slip at Midday: Nifty, Sensex Down Nearly 1% as Oil & Gas Sector Struggles
By ScanX News Team
Indian markets are trading in negative territory at midday, with Nifty 50 down 0.89% and BSE Sensex falling 0.79%. Castings, Forgings & Fasteners, Diamond, Gems and Jewellery, and Oil & Gas sectors are the top losers. Hexaware Technologies, AVANTEL, and Authum Investment & Infrastructure face significant declines, while Omax Autos, Tatva Chintan Pharma, and Indian Energy Exchange show strong gains amid mixed corporate results and news.
*this image is generated using AI for illustrative purposes only.
Market Overview
As of midday, Indian markets are trading in negative territory, with both benchmark indices showing significant declines. The Nifty 50 is currently at 24,838.85, down 223.25 points or 0.89% from its previous close. Similarly, the BSE Sensex stands at 81,534.08, registering a drop of 650.09 points or 0.79%.
Sectoral Performance
The market is witnessing a mixed bag of sectoral performances, with some sectors facing considerable pressure:
Top Losing Sectors:
| Sector | Average Percentage Change |
|---|---|
| Castings, Forgings & Fasteners | -3.33% |
| Diamond, Gems and Jewellery | -2.32% |
| Oil & Gas | -1.87% |
Buzzing Stocks
Several stocks are making headlines today due to significant news and price movements:
Hexaware Technologies: Down 8.11% at ₹759.60. The company reported lower-than-expected Q1 earnings and announced plans to invest up to $2 million in a new Colombian unit.
AVANTEL: Trading 7.21% lower at ₹136.71 after reporting flat revenue growth and significant profit decline in Q1 results.
Authum Investment & Infrastructure: Fell 7.05% to ₹2,610.20 following an Enforcement Directorate enquiry related to Reliance Commercial Finance and Reliance Home Finance.
KFin Technologies: Down 6.58% at ₹1,151.50 despite reporting strong growth and setting a record date for dividend.
Omax Autos: Surged 16.07% to ₹127.90 after announcing Q1 results, dividend, and key management changes.
Tatva Chintan Pharma: Jumped 16.02% to ₹1,178.10 following strong quarterly performance and increased stake by investor Mukul Agrawal.
Indian Energy Exchange: Up 7.60% at ₹142.38, recovering from previous session's losses triggered by regulatory changes, as the company reported strong quarterly results.
Conclusion
The mid-day session shows a bearish trend in the broader market, with significant pressure on sectors like Oil & Gas. However, select stocks are outperforming on the back of positive quarterly results and corporate actions. Investors are closely watching these developments as the trading day progresses.
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