Adani Ports, IndusInd Bank, Tata Motors, HDFC Bank, and Tata Steel were the top gainers in the stock market on Wednesday, while Asian Paint, Titan, Nestle India, Hindustan Unilever, and L&T saw significant declines.
The BSE Sensex closed at 78,271.28, down 312.53 points or 0.40 percent, while the NSE Nifty ended at 23,696.30, slipping 42.95 points or 0.18 percent from the previous day. The market opened higher with the Sensex at 78,704.60.
Adani Ports led the gainers with a 1.60 percent increase to ₹1,144.25, followed by IndusInd Bank, which gained 1.20 percent to ₹1,060.70. Tata Motors, HDFC Bank, and Tata Steel also posted gains of 0.91 percent, 0.89 percent, and 0.75 percent respectively.
On the other hand, Asian Paint was the biggest loser, dropping 3.38 percent to ₹2,275.65, while Titan declined by 3.02 percent to ₹3,490.50. Nestle India, Hindustan Unilever, and L&T also saw losses of 2.23 percent, 2.03 percent, and 1.72 percent respectively.
Vinod Nair, the Head of Research at Geojit Financial Services, commented on the market performance, mentioning that investors are weighing the improved domestic outlook against global uncertainties. He noted that while U.S. bond yields and crude oil prices have supported market sentiment, the rupee’s depreciation could offset these gains. Nair highlighted that rate-sensitive sectors are attracting attention ahead of a potential RBI rate cut.
In conclusion, despite the negative trend in the market, Nair pointed out that large-cap stocks are well-positioned, benefiting from moderation in valuations.
