Selling was broad-based, with nearly 40 Nifty constituents ending lower, while the Nifty Bank index dropped 709 points to 57,127. The Nifty Midcap Index also declined 687 points to 62,301.
Here are the key reasons behind today’s market decline:Heavyweights and IT stocks remained under pressure
Large-cap stocks continued to weigh on the benchmarks, with information technology shares trading lower alongside Reliance Industries and HDFC Bank, dragging the major indices.
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Pharma stocks fell after Trump’s tariff comments
Pharmaceutical stocks came under pressure after comments by U.S. President Donald Trump on tariffs for generic drugs. Lupin and Aurobindo Pharma were among the biggest losers in the sector.
Crude oil movement, competition concerns hit IndiGo
InterGlobe Aviation, the parent of IndiGo, emerged as the top loser in the Nifty index, tracking crude oil movement and competition-related concerns.
Mixed earnings triggered sharp stock-specific moves
Nestle India gained 3% after reporting an all-round beat in its first-quarter results. TVS Motor Company and Bajaj Auto advanced following strong first-quarter earnings and positive management commentary.
Eternal recovered despite reporting mixed first-quarter results, with positive commentary supporting the stock. Oracle Financial Services Software fell 7% ahead of its quarterly earnings announcement.
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SRF declined more than 3% despite reporting a quarterly earnings beat. Adani Green Energy and Adani Power traded lower following their quarterly results.
Banks, oil marketing companies under pressure
Bandhan Bank plunged 17% after cutting its return on assets (RoA) guidance and reporting mixed first-quarter results. Bharat Petroleum Corporation Ltd. (BPCL) fell more than 2% after reporting a quarterly loss, while other oil marketing companies also ended lower.
Other notable movers
Tips Music ended 12% lower after deferring its buyback proposal. Kalyan Jewellers extended its rally and is now up 54% this month.
Market breadth remained weak, with the advance-decline ratio at 2:5, indicating declines outnumbered advances across the broader market.
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From the Sensex basket, Bajaj Auto Ltd, TVS Motor Company Ltd, Nestle India Ltd, Tata Consumer Products Ltd, Power Grid Corporation of India Ltd and Hindustan Unilever Ltd were the major gainers.
InterGlobe Aviation Ltd, Dr Reddy’s Laboratories Ltd, Jio Financial Services Ltd, Max Healthcare Institute Ltd, Infosys Ltd and State Bank of India were the biggest laggards.
Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd, on Aditya Birla AMC and Canara Robeco AMC, said, “So, Aditya Birla AMC, I think, reported good numbers in terms of a flattish kind of number, in line with expectations, and net profit grew because of higher other income.
What we see is that, in terms of the fund performance, Aditya Birla AMC is showing improvement because of the new fund management team, and that has led to stronger distribution traction.
They are now expanding into alternatives, PMS, passive and some of the products from GIFT City have been launched, which provides meaningful long-term visibility beyond the core mutual fund business.
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I think Canara Robeco also reported very strong numbers, but comparatively, I think, if you look at the best stock in the space, it is Nippon India AMC, which continues to outperform, with very strong numbers there, and the valuation is also higher.
After Aditya Birla now catching up, we still believe that there is room for growth in Aditya Birla AMC, where we have a buy rating and a target price of ₹1,290, almost ₹1,300. So, we still see room for 20–22% upside in Aditya Birla AMC. Canara Robeco, purely from a valuation perspective, I think, looks interesting.
In terms of the numbers, they have been delivering, and with the kind of growth they are seeing, the valuation gap should kind of fill in. So, in terms of size, they may be small, but growth- and valuation-wise, they look attractive.”
