The day’s trade saw notable volatility, with 38 Nifty constituents ending in the red and several stocks declining up to 5%. However, a late-session rebound helped limit losses, particularly in banking and midcap stocks.
The Nifty Bank index slipped 308 points to 55,605 but recovered over 2% from the day’s low, while the midcap index also pared losses to end 331 points lower at 57,513.
Sectorally, oil-linked stocks remained in focus as upstream companies gained on firm crude prices, while downstream firms came under pressure with Brent hovering near $103 per barrel. Among stocks, MCX hit a record high, rising over 3% on positive brokerage commentary, while Puravankara surged nearly 10% on a strong business update.
On the downside, Swiggy declined after co-founder Nandan Reddy’s resignation, while auto stocks remained under pressure amid concerns around CAFE norms and Delhi’s EV policy, with Maruti Suzuki falling sharply. Jyoti CNC also dropped nearly 15% after reports of a probe into its subsidiary by French authorities.
Meanwhile, HDFC Life emerged as the top Nifty gainer, while air-conditioner makers gained on expectations of higher demand amid a heatwave forecast.
Market breadth remained negative, with the advance-decline ratio at 2:3 on the NSE. The rupee weakened to close at 93.38 against the US dollar, compared to 92.73 in the previous session.
According to Vatsal Bhuva of LKP Securities, Bank Nifty showed signs of buying interest from lower levels and may consolidate in the near term within a broad range of 54,500 to 56,200, with a breakout likely to determine the next directional move.
