The Sensex dropped by 821 points to close at 78,675.18, a decline of 0.01% from its previous close, fluctuating between 79,820.98 and 78,547.84 throughout the day. Similarly, the Nifty50 settled 257.85 points lower, ending at 23,883.45, a 1.07% decrease, having ranged from 24,242 to 23,839.15.
Both Nifty IT and Realty sectors managed to squeeze out marginal gains, up 0.05% and 0.18% respectively, showing slight resilience amid an otherwise bearish day.
Impact on the stock market
Sectoral indices were down across the board, with significant losses in banking, consumer goods, metals, and finance. Notably, Bank Nifty, Financials, FMCG, Metal, PSU Bank, Private Bank, and Consumer Durables sectors each declined by over 1%.
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| Sector/Index | Performance |
| IT & BPM sector | 0.05% |
| Healthcare sector | -0.76% |
| Oil & Gas sector | -0.91% |
| Real estate sector | 0.18% |
| PSU Bank in India | -1.92% |
Top gainers today
| Company | Price | Change % |
| Trent Share Price | 6,528.55 | 0.74 |
| Infosys Share Price | 1,868.80 | 0.47 |
| Sun Pharma Share Price | 1,800.85 | 0.35 |
| HCL Tech Share Price | 1,872.85 | 0.30 |
| Reliance Share Price | 1,274.25 | 0.12 |
Top losers today
| Britannia Share Price | 5,027.55 | -7.49 |
| Bharat Elec Share Price | 290.15 | -3.20 |
| NTPC Share Price | 380.30 | -3.12 |
| HDFC Bank Share Price | 1,718.20 | -2.72 |
| Asian Paints Share Price | 2,474.85 | -2.68 |
Market aftermath: Impact on stocks
Jubilant FoodWorks: Defying the Trend
One stock that bucked today’s downward trend was Jubilant FoodWorks, the operator of Domino’s Pizza in India, which surged over 8% after reporting impressive second-quarter results. The company’s performance was bolstered by growth strategies such as waiving delivery fees and lowering order thresholds, leading to notable gains in delivery sales.
Analysts remain cautiously optimistic. Citi Research reiterated a ‘buy’ rating with a price target of ₹700, seeing potential for a 16.3% upside based on operational improvements. However, there are concerns, particularly regarding near-term margin impacts due to delivery cost reductions and the risk of a weak consumer environment. Nuvama also sees growth potential but has a more conservative outlook, rating the stock as a ‘hold’ with a target price of ₹631.
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NMDC Limited: Earnings Disappoint
NMDC shares slid by 4% following its Q2 FY25 earnings report. Although the company posted a 16.7% YoY increase in net profit to ₹1,195.6 crore, this was a steep 39% drop from the previous quarter. Revenue grew by 22.5% YoY to ₹4,918 crore but saw a sequential decline of 9%. The underperformance was attributed to unfavorable inventory impacts and rising expenses.
JP Morgan reaffirmed its ‘Underweight’ stance, setting a target price of ₹210, indicating over a 6% downside from its current level of ₹223. Despite some positive factors, NMDC has struggled to keep pace with the Nifty50, which has outperformed NMDC’s 6% year-to-date growth by gaining 11%.
Waaree Energies: A Hard Hit Following Global Developments
Shares of Waaree Energies, a prominent solar PV module manufacturer in India, have plunged by 19% over the past three trading sessions. The sharp decline comes amid selling pressure following Donald Trump’s recent victory in the US presidential election, sparking concerns for Indian companies tied to the renewable sector in the US.
Waaree’s market capitalisation has also fallen from ₹1 lakh crore to ₹84,606 crore. While Waaree had recently announced expansion plans, including a new 3 GW manufacturing facility in the US, these may now be in jeopardy. Given the uncertain outlook, the stock could face further volatility in the coming sessions.
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Crude Oil and the Rupee
Today also saw the rupee slip by 2 paise to a record low of ₹84.40 against the US dollar, extending its fourth consecutive day of decline. Persistent foreign fund outflows and a strong US dollar have put pressure on the Indian currency, though the Reserve Bank of India (RBI) is expected to step in to curb excessive depreciation. As of now, the rupee is expected to fluctuate between ₹83.80 and ₹84.50 in the near term.
Brent crude, the global oil benchmark, traded at $71.65 per barrel, down by 0.25%. The combination of a depreciating rupee and fluctuating crude prices adds to the overall uncertainty for the Indian economy, with ripple effects likely to be seen in sectors that depend heavily on imports.
Conclusion
The Indian stock market endured a tough day with widespread losses across major indices and sectors, weighed down by a combination of domestic earnings disappointments and global developments. While stocks like Jubilant FoodWorks showed resilience, they were few and far between. Sectoral indices, with the exception of IT and Realty, showed a clear decline, reflecting bearish sentiment across most parts of the market.
As global headwinds continue and the rupee shows signs of vulnerability, investors may find the coming weeks challenging.
For more stock market insights, check out the StockGro blog.
