In a day marked by market fluctuations, the Indian indices closed in the red but managed to recover from their intraday lows. The Nifty maintained its stronghold above the 21,600 mark, providing a semblance of stability in an otherwise volatile session.
The Sensex saw a decline of 379 points, settling at 71,892, while the Nifty 50 slipped by 82 points to close at 21,660. The Nifty Bank and Midcap Index also faced losses, dropping 521 points to 47,713 and 73 points to 46,400, respectively.
Amid market turbulence, pharma stocks emerged as the bright spot, with the Nifty Pharma index reaching a record high. Notably, four out of the top six Nifty gainers were pharmaceutical companies, including Sun Pharma, Divi’s Laboratories, Cipla, and Dr. Reddy’s Laboratories.
Reliance Industries continued to play a crucial role in supporting the market, countering the drag from the IT and financial sectors. On the positive front, Coal India extended gains on robust business updates, witnessing a 3% rise.
Adani Ports experienced a surge as the company raised its FY24 volume guidance to 400 million tonnes. Conversely, the automotive sector faced a downturn following disappointing monthly sales, with Eicher Motors, Mahindra & Mahindra, and Ashok Leyland emerging as top losers.
UltraTech Cement observed a decline of more than 2% as Q3 volumes fell below expectations. On the recommendations front, Motilal Oswal identified Lemon Tree as a top pick for 2024, resulting in a 10% surge in the stock.
Lupin saw a notable 6% surge as brokerages maintained a positive outlook on the pharmaceutical company's future. However, Federal Bank reported a seven-quarter low in loan growth, leading to a 3% decline in its stock.
AB Fashion stood out among midcap gainers, trading above all key averages. City Gas companies experienced a surge in response to improving demand, with Gujarat Gas emerging as the top gainer in the segment.
Dr. Lal PathLabs and Metropolis Healthcare moved higher in anticipation of their quarterly updates. Meanwhile, M&M Financial Services witnessed a 3% rise as its asset quality improved, rebounding from earlier lows during the session.
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