CHENNAI: Indian equity benchmarks started Tuesday’s session on a strong footing but quickly gave up gains amid a consolidation phase, as investors stayed cautious ahead of key macroeconomic data and ongoing political developments.
Headline Indices
- The BSE Sensex opened over 200 points higher but retreated to 81,207, down 166 points or 0.20% by 9:25 AM.
- The Nifty50 followed suit, rising nearly 70 points at the open before slipping to 24,658, down 59 points or 0.24%.
Top Nifty Losers
- Adani Enterprises dropped 2% following reports in The Wall Street Journal that U.S. prosecutors are investigating the alleged use of Mundra Port for importing Iranian LPG.
- Other Adani Group stocks—including Adani Ports and Adani Power—also declined.
- Additional laggards included Bajaj Finance, ICICI Bank, SBI Life, Bharti Airtel, HDFC Life, HUL, Tata Consumer, and Maruti Suzuki.
Top Gainers
- Stocks that showed resilience included Shriram Finance, Eicher Motors, Tata Steel, ONGC, M&M, and Hindalco.
- Jindal Stainless gained nearly 1% after announcing the acquisition of a special purpose vehicle (SPV) to generate 282 MW of hybrid renewable energy for its operations.
Broader Market Performance
- Nifty MidCap 100 rose 0.31%, while Nifty SmallCap 100 gained 0.64%, outperforming the headline indices on the back of selective buying in industrial and metal stocks.
Sectoral Snapshot
- Nifty Bank hit a fresh record high of 56,161, surpassing its previous peak of 56,098.70, before retreating on profit booking.
- Nifty Metal, Nifty Realty, and Nifty PSU Bank were among the early gainers, while Nifty Private Bank lagged.
IPO Watch
- Prostarm Info (Mainboard), along with Nikita Papers, Blue Water, and Astonea Labs (SME segment), were scheduled for listing today.
- Today also marks the final subscription day for the 3B Films IPO.
Market Outlook
Early optimism in the market faded as global risk sentiment, stock-specific headwinds, and uncertainty over political developments began to weigh on investor mood. Ongoing concerns over the Adani Group and sectoral rotation are steering short-term trends. Traders are likely to remain on edge until greater political clarity emerges post-election and ahead of the upcoming RBI policy decision.
