Mumbai: Indian stock markets ended lower on Tuesday, but the weakness was mainly limited to heavyweight shares. Buying in midcap, automobile and non-banking finance company stocks helped prevent a broader decline.
The Sensex fell 238 points to close at 77,470, while the Nifty declined 51 points to 24,188. The Nifty Bank slipped 110 points to 57,835.
However, the Midcap index gained 186 points and ended at 62,988. More shares advanced than declined, showing that selling pressure was not widespread.
Heavyweights Drag
Reliance Industries and HDFC Bank were among the biggest drags on the benchmark indices. These companies carry significant weight in the indices, meaning their decline outweighed gains in several smaller stocks.
HDFC Bank was among the leading contributors to the Nifty’s fall. Despite strength in several sectors, the index failed to stay above the 24,200 level.
Auto Shares Rise
Automobile stocks attracted strong buying after Bajaj Auto and TVS Motor reported healthy Q1 FY27 results. Growth in profit, revenue and operating earnings improved sentiment across the sector.
Maruti Suzuki gained around 1 percent after announcing vehicle price increases of up to Rs 30,000. Investors expect the move to help the company manage costs and protect margins.
NBFCs Gain
Gold-financing companies also performed well. Manappuram Finance and Muthoot Finance rose between 3 percent and 4 percent amid buying across the non-banking finance sector.
M&M Financial Services surged over 8 percent following strong quarterly results. Shriram Finance emerged as the Nifty’s biggest gainer, while IndusInd Bank advanced nearly 3 percent before its earnings announcement.
Stock Movements
Data Patterns jumped nearly 7 percent after receiving a project worth approximately Rs 1,300 crore from Hindustan Aeronautics Limited.
MTAR Technologies recovered sharply after hitting its lower circuit and eventually closed near its previous level.
Solar stocks remained under pressure. Waaree and Premier Energies dropped around 4 percent each following developments related to the Approved List of Models and Manufacturers.
Paytm declined nearly 4 percent after its board postponed a decision on the proposed bonus issue without announcing another date.
Electronics manufacturers Dixon Technologies and Amber Enterprises also fell around 3 percent each. Overall, large stocks weakened the benchmarks, while midcaps and selected sectors continued to attract investors.
