IndusInd Bank emerged as one of the biggest laggards, erasing early gains and closing 2% lower. The banking sector also saw muted performance, with Nifty Bank closing marginally lower, despite some positive moves from banks like ICICI Bank and Kotak Mahindra Bank.
The IT sector remained a drag on the broader market this week. Wipro, Infosys, and Tech Mahindra all posted significant losses, with investor concerns over slower growth in the sector weighing on stock prices. The decline in major IT stocks reflected broader market fears about a slowdown in global demand for tech services.
The Nifty ended Thursday’s session below the 22,400 mark, slipping 73 points to close at 22,397, while the Sensex shed 247 points, ending at 73,829.
HDFC Life declined nearly 2% after the company disclosed a data theft incident, raising concerns over its cybersecurity framework.
In the real estate sector, Kolte Patil saw a notable gain of more than 2% after Blackstone, the global private equity giant, acquired a significant stake in the company. Meanwhile, Adani Green rallied 3% on positive analyst recommendations, with Macquarie suggesting a 40% upside in the stock.
However, pressure remained on cement stocks, particularly Dalmia Bharat and Ramco Cements, which faced headwinds from a new levy imposed by the Tamil Nadu government.
Energy stocks saw mixed performances. ONGC and Oil India gained traction after the Lok Sabha approved a new law to encourage oil field exploration, potentially benefiting state-owned oil companies. Conversely, Bharat Forge saw a steep 4% drop following concerns over potential rollbacks of environmental regulations by the US Environmental Protection Agency (EPA), which could impact the company’s overseas operations.
Despite these sector-specific gains, the overall market sentiment remained subdued, with 35 out of the 50 Nifty stocks ending the session in the red. Market watchers are now looking ahead to the upcoming macroeconomic data and corporate earnings reports to gauge the outlook for the remainder of the quarter.
