Nifty, Sensex Snap Two-Day Winning Streak as Broad Selling Pressure Weighs On Sentiment

Nifty, Sensex Snap Two-Day Winning Streak as Broad Selling Pressure Weighs On Sentiment​

Indian benchmark indices witnessed a reversal of fortune on Monday, snapping their two-day gaining streak amid persistent selling pressure across major sectors. The market closed marginally in the red, driven by profit booking and broad weakness that dragged both the Nifty 50 and Sensex lower.

The Sensex finished at 76,728.37, falling 372.10 points or 0.48 percent. Correspondingly, the Nifty recorded a decline of 109.75 points or 0.46 percent, settling at 23,946.25 by market close. The broad indices trended similarly, with the smallcap index declining 0.6 percent and the Nifty midcap index also seeing a dip of 0.4 percent.

Sectoral Trends and Stock Market Movers​

Market sentiment saw heavy pressure across several key sectors. Auto witnessed a notable decline of 2%, while PSU Bank, Media, IT, and Oil & Gas were all down by 1% each. In contrast, the Metal, Pharma, and Healthcare sectors showed resilience, with respective indices gaining between 0.5 and 1%.

Among the biggest Nifty losers were Kotak Mahindra Bank, M&M, Maruti Suzuki, Adani Enterprises, and Interglobe Aviation. Conversely, gainers included Max Healthcare, Coal India, Eternal, and Trent, indicating diversified sector movements within the market.

Corporate Developments Driving Stock Performance​

Several individual corporate announcements drove significant stock movements today. Dr Reddy's Laboratories shares jumped more than 2 percent following the USFDA completion of a Pre-License Inspection (PLI) at its biologics manufacturing facility in Hyderabad, which noted seven observations.

The focus remained on industry developments as Power Finance Corporation (PFC) slipped approximately 2 percent after the board approved the amalgamation scheme involving REC. Meanwhile, Indoco Remedies stock rose by 2 percent after receiving EU GMP certification from the Malta Medicines Authoritys for its Goa facility.

Forex Markets and New Listings Update​

The Indian rupee erased all intraday gains, snapping its own two-day upward trajectory. It settled 13 paise weaker against the US dollar at 94.53 per dollar, compared to the closing level of 94.40 recorded on Thursday.

In a separate market development, shares of Turtlemint Fintech made their debut marginally higher after a weak introduction on Monday. The stock listed at ₹134.90 on the NSE, representing an 11.25 percent discount to its issue price of ₹152. On the BSE, it debuted at ₹136.20, reflecting a 10.39 percent discount from the issue price.

High Performers and Sector Resilience​

While selling pressure was prevalent, over 160 stocks registered their 52-week high on the BSE. Notable strong performers included Apollo Hospitals, Nuvama Wealth, GMR Airports, and Aurobindo Pharma. These listings signal pockets of strength amidst broader market consolidation. Persistent Systems shares fell by 11 percent after announcing plans to acquire Nagarro SE through its subsidiary, Galaxy Germany Holding SE (BidCo).