Indian stock market declined on Tuesday (March 5) breaking a four-day winning streak. The benchmark Sensex slipped 195 points, closing at 73,677, while the Nifty declined 49 points to settle at 22,356.
Notably, the Nifty Bank managed to buck the trend, gaining 125 points to reach 47,581, but the midcap index faced a setback, sliding 134 points to close at 49,115.
A significant development that influenced market dynamics was Bloomberg's decision to include India in the Emerging Market Bond Index. This move fueled a 3% surge in PSU banks.
Autos emerged as a supportive force for the market, with Tata Motors and Bajaj Auto leading the charge.
However, IIFL Fin faced a 20% decline after the RBI imposed restrictions on the company's gold loan disbursements.
Gold financing companies, Manappuram Finance and Muthoot Finance, closed higher but retreated sharply from their highs.
Meanwhile, Weslife saw an 8% increase in stock value following FSSAI's declaration that McDonald's uses 100% real cheese.
Platinum Ind and Exicom Tele made strong debuts, witnessing a notable rise of 30-60% compared to their issue prices.
Tata Motors garnered attention as it announced the demerger of its commercial vehicle and passenger car business, propelling the stock to an 8% surge, reaching a record high.
In other developments, BHEL gained 5% after securing a substantial order worth ₹9,500 crore from NTPC.
Vedanta recorded 4% gain amid healthy volumes, marking its highest levels in the past 10 months.
Samvardhana Motherson surged 6% on reports of a stake sale.
On the flip side, Bajaj Finance and Bajaj Finserv emerged as the top losers in the Nifty category, each ending with a cut of 4%. RBL topped the midcap losers, followed by Piramal Ent and Voltas.
Cement stocks faced pressure as prices continued to remain under strain, causing a fall of up to 3%. IEX, despite a growth in volume by 14% from April to February, witnessed a 2% slip in stock value.
Max Fin experienced profit booking after a sharp surge on Monday, resulting in a 2% fall. City Gas companies continued their gains on increased demand, with IGL leading as the top gainer.
The market breadth favored declines, with an advance-decline ratio standing at 1:2.
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