The BSE Sensex fell 238 points to close at 77,470, while the Nifty 50 declined 51 points to settle at 24,188. The Nifty Bank index slipped 110 points to 57,835. In contrast, the Nifty Midcap index outperformed, rising 186 points to 62,988, with advances outnumbering declines.
Here are the key factors that drove the market:1. Reliance Industries and HDFC Bank weighed on benchmarks
Reliance Industries and HDFC Bank emerged as the top losers on the Nifty, putting pressure on the benchmark indices and contributing to the Sensex and Nifty ending in the red.
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2. Midcaps outperformed despite weak headline indices
Broader markets remained resilient, with the midcap index gaining 186 points. Market breadth also stayed positive as advancing stocks outnumbered declining ones.
3. Auto stocks gained after strong quarterly earnings
Automobile stocks advanced after healthy first-quarter results from TVS Motor and Bajaj Auto. Shares of Maruti Suzuki also rose 1% after the company announced a price increase of up to ₹30,000.
4. Financial stocks saw buying interest
Gold financing companies gained sharply, with Manappuram Finance and Muthoot Finance rising 3-4%. Mahindra & Mahindra Financial Services climbed more than 8% after reporting a strong set of first-quarter results.
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Non-banking financial company (NBFC) stocks also attracted buying interest, tracking moves in the rupee and bond yields, with Shriram Finance emerging as the top gainer on the Nifty. IndusInd Bank extended its winning streak, rising up to 3% ahead of its earnings announcement.
5. Stock-specific movers remained in focus
Data Patterns gained 7% after securing a ₹1,300 crore project from Hindustan Aeronautics Limited (HAL). MTAR Technologies staged a sharp recovery, rebounding from the lower circuit to end the session flat.
On the downside, Waaree Energies and Premier Energies fell around 4% each following developments related to the Approved List of Models and Manufacturers (ALMM) measures.
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Paytm declined 4% after the company decided to cancel its proposed bonus issue. Electronics manufacturing services (EMS) stocks also traded weak, with Dixon Technologies and Amber Enterprises falling around 3% each.
From the Sensex basket, Shriram Finance Ltd, Bajaj Finserv Ltd, Hindustan Aeronautics Ltd, Eicher Motors Ltd, UltraTech Cement Ltd and InterGlobe Aviation Ltd were the major gainers.
HDFC Bank Ltd, Dr Reddy’s Laboratories Ltd, State Bank of India, Reliance Industries Ltd, Tata Consultancy Services Ltd and Infosys Ltd were the biggest laggards.
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