Stocks end lower as RBI policy weighs, IT and pharma drag; Reliance, HDFC Bank limit losses

The stock market closed lower on Wednesday, dragged by weakness in IT and pharma stocks, after the Reserve Bank of India kept its key policy rate unchanged, dampening sentiment. However, a late recovery in heavyweights Reliance Industries and HDFC Bank helped the indices pare some losses.The benchmark BSE Sensex fell 166 points, or 0.21%, to end at 80,544, while the NSE Nifty 50 declined 75 points, or 0.30%, to settle at 24,574, slipping below the 24,600-mark.

The RBI held the repo rate steady at 5.50%, as widely expected, but traders said the central bank’s cautious tone and lack of dovish signals weighed on risk appetite.

The broader market saw sharper moves, with the Nifty Midcap 100 index falling 0.8% to 56,750. The Nifty Bank index, however, ended up 51 points at 55,411, supported by gains in private lenders.Sectoral Drag and Stock Movers

Information technology and pharmaceutical shares remained under pressure ahead of a potential executive order from former U.S. President Donald Trump targeting offshore services, which could affect Indian exporters.

Among major decliners, Bosch Ltd slumped nearly 6% after investor concerns mounted over management comments on the possible merger of unlisted entities.
Balkrishna Industries shed 5% after reports suggested Trump may increase tariffs on Indian exports if re-elected.Container Corporation of India (CONCOR) dropped 4% despite posting a mixed set of Q1 results; the company maintained its FY25 outlook.

Divi’s Laboratories lost more than 4% after Q1 earnings missed estimates and management struck a cautious tone on the outlook.

Bharat Forge also ended near the day’s low following cautious commentary on FY26 growth prospects.

Trend Ltd eked out minor gains, while BHEL slipped 3% ahead of its quarterly results.

Britannia Industries declined 4% after reporting earnings that fell short of analyst expectations.

On the upside, Asian Paints rose over 2% following a healthy Q1 performance, extending its recent rally. Pidilite Industries gained more than 1% on the back of strong quarterly earnings.

HDFC Life added 2% as insurance stocks saw renewed buying ahead of monthly industry data.

NCC Ltd rose 2% despite reporting a weaker-than-expected Q1, while Bajaj Auto ended with marginal losses after delivering results in line with muted expectations.