Sensex Today | Nifty 50 LIVE: Markets Turn Negative; Nifty Slips Below 25,550 as Media, Metal Stocks Drag
Stock Market Today: Sensex and Nifty trade lower amid profit booking; Nifty below 25,550. Metal and media stocks lead losses, while FMCG and IT show mild gains.
Indian equity benchmarks traded lower on Thursday amid profit booking and weakness across key sectors, even as select FMCG and IT stocks offered mild support.
Indian benchmark indices Sensex and Nifty slipped into negative territory on Thursday after witnessing a positive start in the session, as investors cashed out profits accumulated over the past several sessions. Upside Q2 results of Sun Pharma and Britannia, however, did little to keep the broader sentiment buoyed.
Market Overview
At 11:00 AM, the Sensex was trading with little change, while the Nifty 50 slipped below the 25,550 mark. Media, metal, energy, healthcare, and realty sectors weighed on markets. However, sectors of auto, FMCG, IT, and oil & gas recorded marginal gains.
Sectoral Performance
Top Losers: Nifty Media and Nifty Metal.
Other Weak Sectors: Energy, Healthcare, Real Estate.
Gain Markets: Auto, FMCG, IT, and Oil & Gas.
Investor sentiment remains mixed, with buying limited and mostly selective as wider profit-booking persists.
Key Stock Highlights
Hindalco Industries slipped off 7% and more after Novelis, its subsidiary, flagged a $550 may be to $650 million cash flow impact due to a New York plant fire.
Ola Electric shares dipped nearly 2% after hitting a sharp June quarterly revenue decline to ₹690 crore from ₹1,214 crore last year.
Grasim Industries has shed 4.5% since it released weaker-than-expected Q2 results.
Delhivery shares have dipped 7% following a loss announcement and CFO changes.
Britannia Industries soared almost 5% supported by a 23% YoY increase in Q2 net profit to ₹655 crore, aided by cost efficiency and stable commodity prices.
IndiGo (InterGlobe Aviation) went up 3% despite quarterly losses on hopes of long-term demand.
Newly listed Orkla shares opened above the issue price and scaled around 3% on debut.
Global Market Update
Asian markets traded higher, following the Wall Street gains overnight.
Japan's Nikkei and South Korea's Kospi gained about a percent.
The Hang Seng Index in Hong Kong went up by 1.5% and the Shanghai Composite gained 1%.
The S&P 500 and Nasdaq 100 were up 0.4% and 0.7%, respectively, led by a tech rebound.
Commodities & Forex
Gold found some support as the U. S. dollar witnessed some weakness from recent highs, above the backdrop of uncertainty on the U. S. economic outlook and a government shutdown.
Spot gold: $3,986.23/oz (+0.1%)
Silver: $48.22/oz (+0.3%)
Rupee: The rupee strengthened further by 13 paise at opening to touch 88.57 against the U. S. dollar.
Internationally in forex, at 1.1505, the dollar was slightly down against the euro, while sterling held firm at 1.3065 ahead of the Bank of England policy decision.
Bond markets:
Indian government bonds found a firmer footing with yields on the benchmark 10-year paper briefly dipping below 6.50% amid continued buying interest from the Reserve Bank of India.
Summary:
Indian equities traded down on Thursday as the Sensex and Nifty 50 turned south, dragged by metal and media stocks. Global cues were supportive; however, profit booking and sectoral weakness weighed on the domestic markets, a sign of cautious investing sentiment.
