Nifty and Sensex Close in Red: Packaging Sector Takes a Hit, Cables Shine
By ScanX News Team
Indian stock markets ended negative on Thursday, with Nifty 50 down 0.47% at 25,355.25 and Sensex falling 0.41% to 83,190.28. Packaging sector was the biggest loser at -3.82%, while Cables led gains at 4.79%. EIMCO ELECON dropped 9.47% post Q1 results, and Peninsula Land surged 20% on expansion news. Market breadth was slightly negative with 2,222 declining stocks versus 2,174 advancing.
*this image is generated using AI for illustrative purposes only.
Market Wrap: Bearish Sentiment Prevails as Indices End Lower
The Indian stock markets closed on a negative note on Thursday, with both the NSE Nifty 50 and BSE Sensex ending in the red. Investors witnessed a mixed bag of sectoral performances, with Packaging taking the biggest hit while Cables emerged as the top gainer.
Market Overview
The NSE Nifty 50 closed at 25,355.25, down 120.85 points or 0.47% from the previous close. Similarly, the BSE Sensex ended the day at 83,190.28, shedding 345.80 points or 0.41%. The market breadth remained slightly negative, indicating a cautious sentiment among investors.
Sectoral Performance
Top Losing Sectors:
| Sector | Avg. % Change |
|---|---|
| Packaging | -3.82% |
| Aerospace & Defense | -1.55% |
| Castings, Forgings & Fasteners | -1.30% |
| Beverages | -0.37% |
| Oil & Gas | -0.34% |
Top Performing Sectors:
| Sector | Avg. % Change |
|---|---|
| Cables | 4.79% |
| Education | 2.45% |
| Engineering Services | 2.43% |
| Steel | 2.37% |
| Unnamed Sector | 1.79% |
The Packaging sector faced the steepest decline, while Cables showed remarkable strength, leading the gainers.
Buzzing Stocks
EIMCO ELECON (Down 9.47%)
EIMCO ELECON reported its Q1 results, showing a year-over-year decrease in EBITDA to 123 million rupees from 151 million rupees. The company's revenue slightly decreased to 676 million rupees, with net profit marginally lower at 145 million rupees compared to the previous year.
Peninsula Land (Up 20%)
Peninsula Land made headlines with its strategic land acquisitions in Alibaug and Karjat. The company's partners committed 2.16 billion rupees towards real estate platform projects, and it recently established a 7.65 billion rupees real estate development platform, signaling significant growth initiatives.
Market Breadth
The overall market sentiment leaned slightly negative:
| Category | Number of Scrips |
|---|---|
| Total | 4,396 |
| Positive | 2,174 |
| Negative | 2,222 |
Conclusion
The Indian stock markets ended the day on a subdued note, with key indices closing lower. While the Packaging sector faced significant pressure, Cables emerged as a bright spot. Investors remained cautious, as reflected in the slightly negative market breadth. Notable stock movements included EIMCO ELECON's decline following its Q1 results and Peninsula Land's surge on expansion news.
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