On Tuesday, the Indian stock markets had a bit of a rollercoaster ride, with major indices slipping below crucial support levels due to a wave of selling. The benchmark BSE Sensex took a hit, dropping 625 points, or 0.76 per cent, to finish at 81,552. The Nifty 50 wasn’t far behind, falling by 175 points, or 0.70 per cent, to settle at 24,826. The Nifty Bank index also struggled, losing 219 points and closing at 55,353. However, it wasn’t all doom and gloom; the midcap segment showed some strength, with the Nifty Midcap 100 climbing 87 points to close at 57,155, indicating that investors are still keen on smaller companies despite the overall market chaos.
Sectoral Trends and Key Stocks
The trading session saw some interesting shifts across sectors. IT, FMCG, and auto stocks, which had enjoyed a brief rally, turned into the biggest laggards as profit-taking set in amid broader market worries. On the flip side, the defence sector kept its positive momentum going, marking its fifth straight session of gains. Garden Reach Shipbuilders stood out, soaring over 3 per cent, a sign of growing investor confidence in defence stocks.
Among the Sensex companies, NTPC, Mahindra & Mahindra, Bajaj Finserv, HCL Tech, Eternal, Tata Consultancy Services, Infosys, UltraTech Cement, Axis Bank, and Tata Motors were among those that struggled.
Individual Stock Movements
When it comes to individual stocks, there were some noteworthy movements. InterGlobe Aviation, the parent company of IndiGo, saw a 2 per cent drop after news broke that co-founder Rakesh Gangwal was selling shares in a significant block deal earlier in the day. Electra Greentech faced a sharp 7 per cent decline, even after clarifying recent news about its e-bus order in Maharashtra. TTK Prestige also fell by 6 per cent after reporting a net loss for the March quarter, which didn’t sit well with market expectations.
Other companies like Blue Dart Express and BrainBees Solutions also took a hit, with declines of 5 and 6 per cent, respectively, as concerns about profitability and shrinking EBITDA margins loomed large. Blue Dart reported a 5.7 per cent year-on-year drop in EBITDA, while BrainBees Solutions experienced a staggering 52 per cent year-on-year decline, raising serious questions about its growth trajectory.
