Benchmark stock market indices started the day on a positive note but quickly turned flat despite favorable global sentiments and strong second-quarter earnings from Indian companies. The S&P BSE Sensex dropped 242.13 points to 83,293.22, while the NSE Nifty50 declined by 72.35 points to 25,502.00 by 9:32 am.
Notable gainers on the BSE Sensex included Bharat Electronics, rising by 1.58%, Mahindra & Mahindra up by 0.78%, and Bharti Airtel gaining 0.49%. Axis Bank and Adani Ports also provided early support by each rising 0.36%.
However, the market saw a downturn in heavyweight financial stocks. Bajaj Finance was the worst performer in the morning session, plummeting by 6.76%, followed by Bajaj Finserv, which fell by 6.11%. Other notable decliners included Tata Steel down by 1.02%, Tata Motors by 1%, and Power Grid by 0.82%.
The Nifty Midcap100 index experienced a 0.25% decline, while the Nifty Smallcap100 fell by 0.28%. The India VIX, a measure of market volatility, rose by 2.96%.
In terms of sectoral performance, Nifty IT showed a gain of 0.37%. On the other hand, Nifty Auto, Nifty Financial Services 25/50, Nifty FMCG, Nifty Media, Nifty Metal, Nifty Pharma, Nifty PSU Bank, Nifty Private Bank, Nifty Realty, Nifty Healthcare Index, Nifty Consumer Durables, and Nifty Oil and Gas were in negative territory. Nifty Auto fell by 0.22%, Nifty Financial Services 25/50 declined by 0.86%, and other sectors experienced varying degrees of decline.
Overall, the stock market displayed mixed trends with some sectors showing gains while others faced losses, reflecting the ongoing volatility in the market.