Sensex reached an intraday high of 82,783.5, before settling at 82,515.14, up by 123 points or 0.15%. Similarly, the Nifty50 managed a modest gain, closing at 25,141.4, up by just 37.15 points or 0.15%.
Despite this, broader market indices were less optimistic. The Nifty Midcap100 and Nifty Smallcap100 indices ended in the red, falling by 0.49% and 0.53%, respectively.
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Impact on the stock market
Sector-wise performance was diverse, with some sectors seeing substantial gains while others remained under pressure.
- Nifty Oil & Gas was the standout performer, rising by 1.47%, driven by gains in stocks like Reliance Industries.
- IT stocks followed closely behind, with a rise of 1.26%, powered by Infosys and Tech Mahindra.
On the flip side, some sectors faced declines:
- Nifty Bank, Financial Services, and FMCG indices settled in the red, contributing to the overall flat performance of the broader market.
- Nifty Realty also ended lower, reflecting profit booking in prominent real estate stocks.
| Sector/Index | Performance |
| IT & BPM sector | 1.26% |
| Healthcare sector | 0.25% |
| Oil & Gas sector | 1.47% |
| Real estate sector | 0.09% |
| PSU Bank in India | -0.88% |
Top gainers today
| Company | Price (in ₹) | Change % |
| HCL Tech Share Price | 1,721.90 | 3.23 |
| Infosys Share Price | 1,631.10 | 2.20 |
| Tech Mahindra Share Price | 1,637.50 | 1.65 |
| Wipro Share Price | 258.92 | 1.59 |
| ONGC Share Price | 247.32 | 1.08 |
Top losers today
| Company | Price (in ₹) | Change % |
| Shriram Finance Share Price | 686.05 | -2.05 |
| Power Grid Corp Share Price | 295.45 | -1.86 |
| Adani Enterpris Share Price | 2,581.20 | -1.22 |
| Adani Ports Share Price | 1,456.40 | -1.18 |
| Bharat Elec Share Price | 392.90 | -1.13 |
Market aftermath: Impact on stocks
Defence sector shows weakness post-recent rally
Shares in the defence sector faced a sharp pullback, led by profit booking after a strong rally in recent weeks. Garden Reach Shipbuilders & Engineers (GRSE), Mazagon Dock Shipbuilders, and Bharat Dynamics Ltd (BDL) saw declines of up to 5%. Despite the sector benefiting from structural tailwinds like healthy order books and capacity expansion, the recent rally stretched valuations, prompting investors to take profits.
- Cyient DLM was the lone gainer in the defence index, rising more than 3%.
Despite these fluctuations, analysts remain optimistic about the sector’s long-term prospects, driven by geopolitical tensions and increased defence spending.
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IEX shares crash on market coupling concerns
Shares of Indian Energy Exchange (IEX) fell sharply by 9% due to concerns surrounding the potential implementation of market coupling. This mechanism would aggregate buy and sell bids from all power exchanges in India, resulting in a uniform price for electricity. This could diminish IEX’s market share and trigger concerns of reduced pricing power.
The Power Minister is set to meet with stakeholders to discuss the benefits of market coupling, but the uncertainty has weighed on IEX shares.
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Liquor stocks react to new excise duty hikes in Maharashtra
Shares of GM Breweries and Sula Vineyards surged by up to 19% on the back of Maharashtra’s new excise duty hike on Indian Made Foreign Liquor (IMFL).
GM Breweries jumped nearly 19%, and Sula Vineyards rose 10% due to the introduction of a new liquor category, Maharashtra Made Liquor (MML), which could potentially boost revenue for local manufacturers.
However, other liquor stocks like Radico Khaitan, United Spirits, and Allied Blenders faced significant declines due to the rise in excise duties.
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Crude oil market sees a rebound with rising shipments
On the crude oil front, Russia’s crude shipments saw a sharp rebound, with deliveries to Japan marking a rare event. Russian oil exports surged to an average of 3.36 million barrels per day, marking a 40,000 barrel increase from the previous period. Japan’s purchase of Sakhalin Blend crude highlighted a shift in buying behaviour, despite the sanctions on Russian crude.
The increase in global crude oil exports, alongside a rise in crude prices, boosted the overall market sentiment.
Conclusion
The Indian stock market showed resilience today, with gains in key sectors like Oil & Gas and IT, despite a volatile trading session. While there was profit booking in defence and liquor stocks, other areas such as energy and technology drove the positive performance. Crude oil exports’ growth and geopolitical factors have also helped boost market optimism. However, concerns around market coupling and regulatory changes continue to weigh on investor sentiment. With mixed sectoral performances, traders should stay cautious and monitor sector-specific developments closely.
For more stock market insights, check out the StockGro blog.
