The benchmark stock market indices ended the trading session in red as the decline in consumer stocks overpowered gains in energy stocks.
The S&P BSE Sensex was down 312.53 points to 78,271.28 at the closing bell, while the NSE Nifty50 settled 42.95 points lower at 23,696.30.
While energy stocks provided some support, they were not enough to offset the broader market weakness.
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Some of the top losers on the Nifty50 were Asian Paints, Nestle India, Britannia, Tata Consumer Products and HUL. On the other hand, the top gainers were Hindalco, ITC Hotels, ONGC, Apollo Hospitals and BPCL.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market traded within a narrow range in negative terrain. Investors are weighing the improved domestic outlook, buoyed by a favourable budget, against lingering global uncertainties stemming from the tariff war.”
Meanwhile, the rupee also faced pressure, dropping 0.4% against the US dollar to 87.4650. The decline was triggered by a sharp fall in the afternoon, which triggered stop losses amid prevailing bearish sentiment.
“While declining US bond yields and lower crude oil prices have supported market sentiment, the rupee’s depreciation could offset these gains. Rate-sensitive sectors are attracting attention ahead of a potential RBI rate cut. Meanwhile, large-cap stocks are well-positioned, benefiting from moderation in valuations,” Vijayakumar added.
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