In a turbulent day of trading, the market struggled to maintain its early gains and ultimately closed in the red. Heavyweights such as HDFC, RIL, and L&T emerged as top drags on the Nifty index, contributing to the overall decline.
The Sensex ended in red, down 378 points, closing at 69,551, while the Nifty 50 dropped by 96 points to settle at 20,901. The Nifty Bank was down by 217 points, closing at 47,098, and the Midcap index slipped 173 points to 44,556.
Top losers were BPCL, Apollo Hospitals, Maruti Suzuki, Sun Pharma and Eicher Motors, while gainers included HDFC Life, UltraTech Cement, Bajaj Auto, SBI Life Insurance and Axis Bank.
Except Metal, all other sectoral indices ended in the red with capital goods, oil & gas, power and realty down 1% each.
In sector-specific movements, the 2-wheeler segment, represented by Bajaj Auto and Hero, witnessed gains. On the contrary, 4-wheeler stocks faced a dip following the release of SIAM data.
ITC managed to close in the green, although it retreated from its highs ahead of an analyst meet. Meanwhile, IREDA continued its upward trajectory, tripling from its IPO price within just 10 days of listing.
PI Industries declines 10% amid reports of heightened competition in the Pyroxasulfone market. Mankind Pharma also experienced a nearly 4% decline after 8.7% of its equity changed hands through a block deal.
Can Fin staged a recovery from its lows, closing 3% higher, driven by positive commentary from the management. HDFC Life emerged as the top gainer on the Nifty, surging more than 5% on the back of a ₹232 crore tax demand relief.
SpiceJet, on the other hand, faced a 5% decline following disappointing Q2 results and approval for a ₹2,250 crore fund raise.
