The Indian stock market continued to stay lower for the seventh session in a row, as weak sentiment continues to persist even though domestic factors remain favorable. Although the markets started off on a soft note, they picked up momentum in the first half of the trading session, but those gains were soon erased amid weak support from the heavyweights.
Traders also remain cautious ahead of the RBI monetary policy meeting, scheduled for October 1, and the US jobs data on October 3, which are likely to provide direction for the market.
The latest US tariffs weighing on pharma stocks and higher H-1B visa fees hurting IT sentiment have added to the pressure. While domestically focused stocks continue to maintain traction, their gains have not been enough to offset the weakness in pharma and IT stocks.
The Nifty 50 finished Monday’s session 0.08% lower at 24,634, while the S&P BSE Sensex also lost 0.08% to settle at 80,364. The broader markets, however, closed mixed, with the Nifty Midcap 100 gaining 0.27%, while the Nifty Smallcap 100 index closed with a mild drop of 0.07%.
Sector-wise, Nifty Media led the losses, falling 1.03%, followed by Nifty Auto and Nifty Private Bank, which declined 0.30% and 0.22%, respectively. Nifty IT also fell marginally by 0.09%. On the winning side, Nifty PSU Bank stood as the top performer, with a rally of 1.82%, followed by Nifty Oil and Gas and Nifty Realty, which soared 1.35% and 0.86%, respectively.
Meanwhile, FPIs continue to remain net sellers in the Indian stock market, reflecting their cautious stance. According to analysts, overseas investors are waiting for clear signals of an earnings recovery, which are necessary to justify current valuations.
Wockhardt leads the gainers list
Wockhardt emerged as the top performer among Nifty 500 stocks, rallying 17% to ₹1,565 as investor sentiment turned bullish following a clarification from the White House regarding tariffs on pharma exports.
According to reports, the tariffs on pharma imports will not be applicable to countries that have signed trade agreements with the US. This came as a relief for the stock since Wockhardt has manufacturing facilities in the EU, which is exempt from pharma import tariffs due to its trade deal with the US.
Redington also made a strong comeback, rallying 10% to ₹294 and ending its five-day losing streak. Sammaan Capital jumped 12% to ₹154.3 apiece. OMC stocks such as HPCL, BPCL, and Indian Oil gained up to 4.6% after Union Petroleum Minister Hardeep Singh Puri highlighted the need for higher valuations for these companies.
Godfrey Phillips India recovered sharply, soaring 7% to ₹3,512 apiece. Meanwhile, Usha Martin extended its winning run to eight consecutive sessions, surging another 6.14% to a fresh all-time high of ₹476 apiece.
NBFC stocks including Cholamandalam Finance, IIFL Finance, and Poonawalla Fincorp rallied up to 5%. Other active names such as Vodafone Idea, Voltas, BSE, and Anant Raj gained between 2.5% and 3%.
Firstsource Solutions, Jindal Stainless and Raymond among top losers
It was the sixth straight day of losses for Firstsource Solutions, with the stock sliding another 7.18% to a five-month low of ₹326 apiece. Jindal Stainless also declined 6.52% to ₹737.70 apiece.
Shipbuilding stocks came under pressure, with Cochin Shipyard, Mazagon Dock Shipbuilders, and Garden Reach Shipbuilders & Engineers falling up to 5.5%. EMS player Dixon Technologies extended its sharp fall for a third consecutive day, slipping 5% to ₹16,678 apiece. With today’s drop, the stock turned negative for September and has corrected 10% from the month’s high.
Similarly, Zen Technologies slumped 5%, marking its fifth day of losses and hitting a three-week low of ₹1,425.80 apiece. Other laggards included Raymond, JSW Holdings, Aditya Birla Real Estate, Tanla Platforms, Sonata Software, Raymond Lifestyle, Kaynes Technology, Ipca Laboratories, and Swan Corp, all of which fell up to 4%.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
