Indian stock markets experienced a downturn on Thursday with Sensex and Nifty 50 slipping due to widespread profit taking. The Nifty fell below the 25,550 mark after a solid opening with investors taking profits from previous sessions, although a few FMCG and IT stocks supported the index a little.

Even with the positive Q2 reports from Sun Pharma and Britannia, the overall market mood continued to be downbeat.

Market Overview

At 11:00 AM, the Sensex traded flat while the Nifty 50 slipped below 25,550. Weakness in media, metal, energy, healthcare, and realty sectors weighed on markets, while auto, FMCG, IT, and oil & gas stocks saw marginal gains. Investor sentiment stayed cautious amid selective buying.

Sectoral Highlights

• Top Losers: Nifty Media, Nifty Metal
• Other Weak Sectors: Energy, Healthcare, Realty
• Gaining Sectors: Auto, FMCG, IT, Oil & Gas

Stock Movers

• Hindalco Industries plunged over 7% after subsidiary Novelis warned of a $550–$650 million cash flow impact following a plant fire in New York.
• Ola Electric fell nearly 2% as Q2 revenue dropped to ₹690 crore from ₹1,214 crore a year ago.
• Grasim Industries slipped 4.5% after disappointing quarterly earnings.
• Delhivery dropped 7% post a loss announcement and changes in top management.
• Britannia Industries jumped nearly 5% after reporting a 23% YoY rise in Q2 net profit to ₹655 crore, supported by cost control and stable input prices.
• IndiGo (InterGlobe Aviation) rose 3% despite reporting losses, as investors bet on long-term demand recovery.
• Newly listed Orkla shares opened above the issue price, gaining around 3% on debut.

Global Market Trends

Asian equities traded higher, tracking overnight gains on Wall Street.

• Nikkei and Kospi were up nearly 1%,
• Hang Seng rose 1.5%,
• Shanghai Composite gained 1%.
  In the U.S., the S&P 500 and Nasdaq 100 advanced 0.4% and 0.7%, respectively, led by a tech rebound.

Commodities & Forex

Gold edged higher as the U.S. dollar weakened slightly amid economic uncertainty.

• Spot Gold: $3,986.23/oz (+0.1%)
• Silver: $48.22/oz (+0.3%)
• Rupee: Opened stronger by 13 paise at ₹88.57 against the U.S. dollar.

In global forex, the dollar eased to 1.1505 per euro, while sterling held firm at 1.3065 ahead of the Bank of England’s policy decision.

Bond yields remained soft, with the 10-year benchmark dipping below 6.50% amid continued buying from the RBI.

Market Summary

The Indian exchanges underwent a slight correction on Thursday, as the positive global cues were overshadowed by the profit booking in major sectors and the decline in metal and media stocks. Experts suggest that the market pullback is a sign of short-term caution following the recent gain, however, the overall economic situation is still considered to be stable.