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Indian equity markets pared early gains on Thursday, with key indices retreating from their opening highs. The Nifty 50 fell below the 22,550 mark, while the BSE Sensex hovered around 74,600 points. Broader market indices also showed weakness, as the BSE Smallcap index dipped nearly 2%, and the BSE Midcap index traded down by 1%.
Sectoral Performance
The Nifty 50 had closed the previous session 3,729.8 points below its record high of 26,277.35. The index is now approximately 650-700 points away from surrendering all gains made since June 4, 2024, when the Lok Sabha election results were announced.
Cement and auto stocks faced significant losses, dragging the market lower. Conversely, banking and financial stocks showed relative resilience, providing some support to the indices. Among the top gainers in the Nifty 50 were Shriram Finance, Bajaj Finance, Bajaj Finserv, IndusInd Bank, and HDFC Bank.
On the flip side, UltraTech Cement, Grasim Industries, Mahindra & Mahindra, Hero MotoCorp, and Trent were among the biggest losers.
Sensex, Nifty Focus Stocks
Several stocks were in the spotlight during Thursday’s trade. UltraTech Cement, Dr. Reddy’s Laboratories, Bharti Airtel, Varun Beverages, Coforge, Tata Power, Waaree Energies, Adani Green Energy, KPI Green Energy, Mastek, and Vesuvius India attracted investor attention.
Wires and cables manufacturers saw notable declines following UltraTech Cement’s announcement of its entry into the segment. KEI Industries Ltd. fell 18%, Polycab India Ltd. dropped 15%, and RR Kabel Ltd. lost 12%, after UltraTech unveiled plans to invest ₹1,800 crore in the segment over the next two years.
UCO Bank Defers QIP Roadshows
State-owned UCO Bank has postponed its foreign roadshows, which were originally scheduled for February 24 and 25, for its proposed ₹2,000 crore Qualified Institutional Placement (QIP). Sources familiar with the matter informed CNBC-TV18 of the decision.
SpiceJet shares fell over 4%, despite the airline returning to profitability with a Q3 net profit of ₹26 crore. The stock’s decline followed Nuvama Institutional Equities cutting its target price by 14% to ₹52.
Gold Prices Drop Amid Sensex, Nifty 50 Drop
Gold prices in the domestic futures market slipped on Thursday morning, pressured by a stronger US dollar and rising bond yields. According to Goodreturns, the price of 24-carat gold stood at ₹8,781 per gram, while 22-carat gold was priced at ₹8,049 per gram. For larger quantities, 10 grams of 22-carat gold cost ₹80,490, and 10 grams of 24-carat gold was priced at ₹87,810. Meanwhile, 18-carat gold was listed at ₹6,586 per gram, or ₹65,860 for 10 grams.
Market participants continue to monitor global cues and sectoral movements as the session progresses, with investors remaining cautious amid ongoing economic and geopolitical developments.
