Indian stock markets extended their losses on Thursday, with both key benchmark indices trading firmly in negative territory during the early afternoon session. Persistent selling pressure, particularly in heavyweight stocks, dragged the markets lower.
Market Performance: Key Levels Breached
By 12:26 PM, the broader Nifty50 index was down 205 points or 0.78%, trading at 25,935. Earlier in the day, it had hovered just above the 26,100 mark. The 30-share BSE Sensex was lower by 587 points or 0.69%, standing at 84,373, after slipping below the 84,950 level.
Market experts suggest that domestic equities are likely to remain range-bound in the near term. The current downturn is attributed to profit-booking at higher levels, even as individual stock movements continue based on third-quarter business updates.
Top Movers and Shakers
The market action was mixed at the stock level. On the Nifty50, Bharat Electronics Ltd (BEL) was the top gainer, rising 6%. It was followed by SBI Life, ICICI Bank, Eicher Motors, Adani Ports SEZ, Hindustan Unilever, and Bajaj Auto, which posted modest gains.
On the losing side, Hindalco Industries led the decliners, falling 3.8%. Other major losers included ONGC, Adani Enterprises, JSW Steel, Jio Financial Services, Wipro, Tata Consultancy Services (TCS), HDFC Life, Tech Mahindra, and Tata Steel.
Among Sensex constituents, the top gainers were Eicher Motors, ICICI Bank, Adani Ports SEZ, HUL, and HCL Technologies. The major laggards on the Sensex were TCS, Tech Mahindra, Tata Steel, IndusInd Bank, Bajaj Finserv, Reliance Industries (RIL), NTPC, Power Grid, Mahindra & Mahindra, and Infosys.
Expert View: Strong Fundamentals vs. Market Headwinds
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted a positive fundamental backdrop for the economy. The advanced estimates project India's FY26 GDP growth at an impressive 7.4%, highlighting the economy's underlying resilience.
However, he pointed out that these strong fundamentals are not immediately translating into market gains. The delay in a crucial US-India trade deal and continuous selling by Foreign Institutional Investors (FIIs) are negatively impacting market sentiment. Vijayakumar explained that while Indian large-cap valuations are fair, cheaper alternatives in other global markets are not compelling FIIs to buy in India currently.
He added that a potential catalyst for a change in market momentum could be an upcoming US Supreme Court verdict on reciprocal tariffs. If the ruling goes against former President Donald Trump, it could alter market dynamics. Vijayakumar concluded by advising investors to maintain a steady psychological attitude to navigate through such frustrating phases for long-term success.
