Indian equity benchmarks closed sharply lower on Wednesday, July 2, with the BSE Sensex plunging 457.84 points or 0.55 per cent to end at 83,239.45, while the NSE Nifty50 declined 140.35 points or 0.55 per cent to close at 25,401.45. Broader market sentiment remained weak as investors reacted to global uncertainties and heavy sectoral drag from financials and real estate.
Metal stocks lead sectoral gainers
Metal counters outperformed as Tata Steel, JSW Steel, and UltraTech Cement led the gains, pushing the Nifty Metal index up 1.14 per cent. The Auto index also saw marginal gains, rising 0.14 per cent with Maruti Suzuki and Hero MotoCorp supporting momentum.
PSU banks, realty and media sectors drag indices
On the flip side, heavy selling pressure was seen in PSU banks, capital goods, real estate, media, and oil & gas sectors. The Nifty Realty index slumped 1.9 per cent, while the PSU Bank index dropped 1.14 per cent. The capital goods and media indices were down up to 1 per cent each.
Buzzing stocks: IndusInd Bank downgraded, Asian Paints under probe
Shares of IndusInd Bank declined 3 per cent after global brokerage Goldman Sachs downgraded the stock to ‘sell’, citing weakening fundamentals and trimmed EPS forecasts. The target price was set at Rs 700.
Asian Paints slipped nearly 1 per cent after the Competition Commission of India (CCI) launched an investigation based on a complaint by Grasim Industries, accusing the company of anti-competitive distributor agreements discouraging the sale of rival brand Birla Opus.
Paras Defence, Gabriel India rally on strong triggers
In contrast, Paras Defence rose 2 per cent after France-based CERBAIR announced plans to purchase 30 units of CHIMERA 200 anti-drone systems from its subsidiary in a deal worth Rs 22 crore. Gabriel India surged 20 per cent, hitting the upper circuit for a second straight session amid corporate restructuring buzz.
Broader markets remain under pressure
The weakness extended to mid- and small-cap stocks. The BSE MidCap and SmallCap indices both fell 0.4 per cent, while Nifty MidCap slipped 0.36 per cent and Nifty SmallCap dropped 0.58 per cent, reflecting broad-based caution among investors.
