Stock Market Highlights: The markets have managed to recover from the lows of the day, however, the benchmark indices remain in red. The Nifty is down over 50 points and is aiming to reclaim the 24,000 mark. The Nifty Bank is down around 500 points, dropping to 56,600. Dr Reddy’s Nestle and Shriram Fin are the top laggards.
Market breadth remained weak, with declining stocks outnumbering advancing ones by 2:1. The Nifty Bank slipped 535 points to 56,592, while the Midcap index lost 616 points to end at 61,685.
Financial stocks remained under pressure amid moves in the rupee and bond yields, while higher crude oil prices dragged oil marketing companies, paint stocks and IndiGo lower. HPCL fell 2%, while Bajaj Auto bucked the trend to emerge as the top Nifty gainer.
Among earnings-driven movers, SBI Life rose nearly 3% ahead of its quarterly results, while SRF tumbled 8% after flagging a weaker outlook for the next two quarters. IndusInd Bank fell 6% despite reporting healthy Q1 results, as cautious commentary weighed on sentiment. Petronet LNG lost 4% after reports that QatarEnergy was preparing to extend its LNG force majeure. Ujjivan Small Finance Bank gained over 5%, while Tips Music and NTPC Green Energy ended the session 8% and 6% higher, respectively.
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