However, the broader market outperformed, with the Nifty Midcap 100 index rising 105 points to 55,521. Market breadth remained positive, with the advance-decline ratio at 2:1, indicating broad-based buying despite index-level weakness.
Defence stocks surged as much as 10% after Prime Minister Narendra Modi reiterated his commitment to boosting indigenous manufacturing under the ‘Made in India’ initiative. Hero MotoCorp and Cipla ended 1-2% higher, reacting positively to their latest earnings.
IT stocks reversed Monday’s gains, dragging the Nifty IT index 2% lower, while SRF pared intraday losses and closed 3% down after upbeat commentary on its chemicals business.
Among midcaps, UPL tumbled 5%, becoming the top laggard after it provided a weaker-than-expected FY26 outlook. Swiggy fell 3% as its shareholder lock-in period ended, while Eternal, Chambal Fertilisers, Oracle Financial Services Software, REC, and Torrent Power were among the other major midcap losers.
Hindalco shed 3% after its U.S. unit Novelis refrained from offering FY26 guidance, dampening investor sentiment. Tata Motors slipped 1% ahead of its quarterly earnings release.
