Metal Stocks Outshine Weak Market Sentiment
AMN / BIZ DESK
Benchmark domestic equity indices, the Sensex and the Nifty, opened higher on Tuesday but were unable to sustain their early gains amid profit booking and weak global cues. After oscillating through a volatile session, both indices ended the day in the red.
The Sensex fell 151 points, or 0.18%, to close at 84,628, while the Nifty 50 declined 30 points, or 0.11%, to settle at 25,936.
Despite the benchmark weakness, the broader markets held relatively firm. The BSE Mid-Cap index edged up 0.1%, and the Small-Cap index closed marginally higher, indicating selective buying in secondary counters.
Within the Sensex pack, 21 of the 30 stocks closed lower. Trent led the losers with a fall of over 1.5%, followed by ICICI Bank and Tech Mahindra, which slipped more than 1% each, while Bajaj Finserv declined 1%. On the gaining side, Tata Steel jumped nearly 3%, Larsen & Toubro (L&T) advanced 1.2%, and SBI gained 0.8% on institutional buying support.
Sector-wise Performance
Out of 21 sectoral indices on the BSE, 16 ended in the red, reflecting a broadly negative market sentiment.
Top Gainers: The Metal index surged 1.3%, driven by strength in Tata Steel and Hindalco, followed by Commodities (up 0.6%) and Industrials (up 0.2%).
Top Losers: The Realty sector declined 1% amid weak demand outlook, Utilities dropped 0.8%, and IT lost 0.7% on selling pressure in frontline software stocks.
Market Breadth
The overall market breadth at the BSE was negative, with 2,246 stocks declining, 1,910 advancing, and 176 remaining unchanged, indicating mild bearish undertones despite strength in select sectors.
Analysts said that while metals and capital goods offered support, weak cues from global markets and rising U.S. bond yields weighed on investor sentiment. Near-term trends are expected to remain range-bound with stock-specific movements.