Sensex closed at 75,967.39, down 29.47 points (0.04%), while the Nifty 50 ended at 22,945.30, slipping 14.20 points (0.06%).
Despite early weakness, the benchmark indices managed to recover in the later half of the session, with Nifty sustaining above the crucial 22,900 level. However, smallcap stocks bore the brunt of selling pressure, ending 1.7% lower, while the BSE Midcap index dropped by 0.2%.
The market remains cautious as investors brace for the US Federal Open Market Committee (FOMC) meeting minutes, scheduled for release tomorrow, which could provide further direction to the market.
The broader market sentiment was mixed, with gains in select sectors balancing out the losses in others.
Impact on the stock market
Sectoral performance:
Gainers:
- IT, Power, and Oil & Gas sectors each gained 0.5%, helping cushion the overall market decline.
Losers:
- Pharma, FMCG, Media, PSU Bank, and Consumer Durables sectors declined between 0.5% – 1%.
- The Auto sector corrected by 0.6%, adding to the negative sentiment.
You may also like: New Income Tax Bill and Tax Slabs Update
| Sector/Index | Performance |
| IT & BPM sector | 0.95% |
| Healthcare sector | -0.19% |
| Oil & Gas sector | 0.51% |
| Real estate sector | 0.06% |
| PSU Bank in India | -0.54% |
Top gainers today
| Company | Price | Change % |
| NTPC Share Price | 311.20 | 2.93 |
| Tech Mahindra Share Price | 1,705.00 | 2.41 |
| Wipro Share Price | 312.20 | 2.24 |
| Power Grid Corp Share Price | 266.95 | 1.42 |
| ONGC Share Price | 236.60 | 1.26 |
Top losers today
| Company | Price | Change % |
| IndusInd Bank Share Price | 1,024.10 | -2.30 |
| Trent Share Price | 4,997.75 | -1.94 |
| UltraTechCement Share Price | 11,308.90 | -1.58 |
| Bharat Elec Share Price | 244.60 | -1.57 |
| M&M Share Price | 2,790.05 | -1.48 |
Market aftermath: Impact on stocks
RateGain Travel Tech falls 8% after revenue guidance cut
Shares of RateGain Travel Tech tumbled 8% to ₹498.40 after the company slashed its FY25 revenue growth forecast for the second time.
- The revised revenue growth target is now 12-13%, down from the previous 15%. Initially, the company had projected a 20% growth.
- Key reasons for the downgrade: Delays in deal closures and cautious enterprise spending, especially in the US and European markets.
- Year-to-date, RateGain shares have lost over 30%, and today, the stock hit an 18-month low of ₹495.55.
Welspun Enterprises drops 7% on mixed earnings report
Welspun Enterprises extended its losing streak to the seventh consecutive session, with the stock falling 7% to ₹450, marking a 16-week low.
- The company reported net sales of ₹866.87 crore, up 22.66% YoY, compared to ₹706.71 crore in December 2023.
- However, net profit declined marginally by 0.08% to ₹71.49 crore.
- EBITDA grew 3.9% YoY to ₹180.28 crore, but EPS fell slightly to ₹5.21 from ₹5.24.
- Despite strong revenue growth, the flat profit numbers weighed on investor sentiment.
Max Healthcare gains 3% after UBS upgrade
Amid the broader market weakness, Max Healthcare surged 3% to ₹1,047, following a rating upgrade from UBS.
- UBS raised the stock’s rating from ‘Neutral’ to ‘Buy’ and increased the target price to ₹1,200, implying an 18.3% upside.
- Analysts cited Max Healthcare’s plan to double its bed capacity within three years as a key factor supporting future growth.
- The company’s asset-light model was also highlighted as a competitive advantage.
Crude oil rises after drone attack on Russian facility
Crude oil prices edged higher after reports of a Ukrainian drone attack on an oil pumping station in Russia.
- Brent crude futures for April rose to $75.31 per barrel (+0.12%), while WTI crude futures were at $71.34 per barrel (+0.89%).
- On the MCX (Multi Commodity Exchange), February crude oil futures increased by 0.26% to ₹6,214.
- The attack targeted the Kropotkinskaya oil pumping station, which plays a crucial role in the transportation of crude from Kazakhstan to global markets.
Despite concerns, reports suggest that there was no major disruption in supply, though tensions in the region remain high.
Conclusion: What lies ahead for the Indian markets?
The Indian stock market closed marginally lower in a highly volatile session, with smallcaps taking a significant hit. Nifty’s support at 22,800 remains intact, keeping the market in a sideways zone.
While some sectoral resilience was observed in IT and energy stocks, RateGain and Welspun Enterprises saw steep declines due to business-specific challenges. On the other hand, Max Healthcare’s rally showed the power of analyst upgrades.
With the FOMC meeting minutes set to be released tomorrow, global cues will play a critical role in shaping market sentiment. Investors should remain cautious, keeping an eye on sectoral movements, earnings reports, and geopolitical developments affecting crude oil prices.
For more stock market insights, check out the StockGro blog.
