Stock Market Update: Indices End Lower, Snapping Six-Day Winning Streak
The Indian stock market experienced a notable decline on Tuesday, marking the end of a six-day winning streak. The Nifty failed to hold the 26,000 mark, closing 103 points down at 25,910, while the Sensex slipped 278 points to end at 84,673. The market breadth tilted sharply in favor of declines, with broader indices underperforming the benchmarks. The Midcap index fell 359 points to 60,822, and the Nifty Bank closed 63 points lower at 58,899.
The market saw widespread selling pressure across sectors, with more than 40 Nifty constituents ending in the red. All sectoral indices closed lower, led by realty and metal stocks. The decline was attributed to profit-booking and a cautious sentiment amid global economic uncertainties.
In the broader market, stock-specific action was mixed. Kaynes Technology dropped over 6% as its shareholder lock-in period expired, while Paytm slid 3% after more than 2% equity changed hands through block deals. Mphasis also declined, falling over 1% after the promoter group offloaded more than 9% stake via block deals.
However, there were some bright spots. Groww continued its strong post-listing run, rising 9% and nearly doubling from its IPO price. PhysicsWallah made a robust market debut, listing with a 33% premium and closing 43% higher. Bharti Airtel gained 2% after S&P upgraded its rating to BBB. WeWork India rose 3% and GMR Airports climbed 6% following a positive note from Jefferies. Bombay Burmah surged 10% after announcing the termination of its agreement with MSTC. Shares of CONCOR added 1% after the Railway Ministry unveiled a new policy for bulk cement containers.
The mixed performance in the broader market highlights the ongoing volatility and the importance of stock-specific news and developments. Investors remain cautious, keeping a close eye on both domestic and global economic indicators.
