Markets Snap 7-Day Rally Streak On Profit Taking
Sensex, Nifty fell over 0.30% on disappointing earnings from HUL, selling in blue-chips ICICI Bank, Airtel and a largely muted trend in Asian and European equities
Markets Snap 7-Day Rally Streak On Profit Taking
The domestic market witnessed mild profit-booking after the recent rally. Similarly, global markets too experienced selling pressure as the market participants scaled back the possibility of a quick resolution of tariff disputes between the US and China. FMCG majors’ Q4 results were weak, impacted by subdued volumes and margin pressure, which led the sector to underperform, said Vinod Nair, head (research), Geojit Investments Ltd
Mumbai: Equity benchmark indices Sensex and Nifty ended lower on Thursday amid profit-taking after a seven-day rally and disappointing earnings from Hindustan Unilever.Selling in blue-chips ICICI Bank, Bharti Airtel and a largely muted trend in Asian and European equities also dragged the markets lower.
The 30-share BSE benchmark declined 315.06 points or 0.39 per cent to settle at 79,801.43. During the day, it dropped 391.94 points or 0.48 per cent to 79,724.55. The NSE Nifty went down by 82.25 points or 0.34 per cent to 24,246.70. In the past seven trading days, the BSE benchmark gauge zoomed 6,269.34 points or 8.48 per cent and the Nifty jumped 1,929.8 points or 8.61 per cent.
From the Sensex firms, FMCG major Hindustan Unilever Ltd (HUL) dropped 4 per cent after the firm reported a decline of 3.35 per cent in consolidated net profit at Rs 2,475 crore for the fourth quarter ended March 31, 2025 on lower margins. Bharti Airtel, ICICI Bank, Eternal, Mahindra & Mahindra, HCL Technologies, HDFC Bank, Kotak Mahindra Bank, Tata Consultancy Services and Bajaj Finance were also among the laggards.
Nestle India Ltd on Thursday reported a 6.5 per cent decline in consolidated net profit at Rs 873.46 crore for March quarter of FY25 as the FMCG industry faced food inflation and moderation in urban consumption. IndusInd Bank, UltraTech Cement, Tata Motors, Tech Mahindra, Titan and Asian Paints were among the gainers.
“The domestic market witnessed mild profit-booking after the recent rally. Similarly, global markets too experienced selling pressure as the market participants scaled back the possibility of a quick resolution of tariff disputes between the US and China. “FMCG majors’ Q4 results were weak, impacted by subdued volumes and margin pressure, which led the sector to underperform,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
