The benchmark BSE Sensex rose 0.19% or 150 points to close at 80,718, after falling more than 800 points from the day’s high. The NSE Nifty 50 index edged up just 19 points to 24,734, giving up over 270 points from the intraday peak.
Broader markets underperformed sharply, with the Nifty Midcap index dropping 0.67% or 386 points to 56,959, down over 1,100 points from the session high, turning market breadth decisively negative.
Insurance companies were among the top losers after Finance Minister Nirmala Sitharaman clarified there would be no gains from the inverted duty structure on insurance services. HDFC Life led losses, sliding nearly 4%.
Auto stocks remained mixed. Mahindra & Mahindra (M&M) held on to early gains, rising 6% after GST 2.0 lowered effective tax rates on small diesel utility vehicles (SDUVs) and tractors. Eicher Motors and Hero MotoCorp closed in the green but well off intraday highs, while Bajaj Auto slipped into negative territory. Maruti Suzuki also faced profit-taking, ending 4% below the day’s high.
Consumption-linked names extended gains on lower GST rates for daily-use items. However, Varun Beverages dropped 3% as aerated beverages were placed under the 40% GST slab.
Information technology stocks stayed under pressure despite positive global cues, weighing on overall sentiment.
Paytm fell nearly 3% with heavy volumes, emerging as one of the top losers in the midcap segment.
