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Both the Sensex and Nifty 50 benchmarks showed early signs of volatility, but ended the session with minor cuts. Over the past six sessions, the indices have dropped by 3%, with investors wary of global economic headwinds and domestic earnings challenges.
The market turmoil comes amid heightened trade war concerns, following US President Donald Trump’s statement about soon imposing reciprocal tariffs on countries that charge duties on US imports. Prime Minister Narendra Modi’s visit to the White House later on Thursday is expected to focus on reducing tariffs in at least a dozen sectors, adding further uncertainty to investor outlook.
On the local bourse, large-cap stocks faced pressure, while the midcaps showed strength, with the Nifty Midcap index rising 125 points to close at 50,816.
The Nifty Bank index slipped 120 points to 49,360, dragged down by losses in key banking stocks. Auto stocks, which initially posted intra-day gains, lost momentum towards the close of trade, with Hero MotoCorp and Eicher Motors both down by 2% from their highs.
Stocks from the Adani Group were under pressure, with Adani Enterprises and Adani Ports seeing sharp declines in the final hour of trading, both down by 2-5%. The sell-off added to the downward pressure on the market, contributing to the broader index’s losses.
Bharat Forge ended nearly 3% lower after its Q3 results fell short of market expectations.
Similarly, Natco Pharma saw a dramatic 20% slide, following the release of weak quarterly results, which sent investors fleeing the stock.
The market breadth remained neutral, with an advance-decline ratio of 1:1, indicating a balance between advancing and declining stocks. Sector-wise, pharma stocks outperformed, while auto, banking, and select infrastructure names faced selling pressure.
First Published: Feb 13, 2025 3:36 PM IS
