Sensex up 200 pts, Nifty nears 24,600 as auto, metals gain; FMCG stocks drag

Nifty's daily chart shows the formation of a bearish candle with a long upper wick, reflecting selling pressure at higher levels.

Benchmark indices Nifty and Sensex held on to strong gains through mid-day on August 13, powered by advances in auto, metal, and pharma stocks. Mid- and small-cap shares outshone the benchmarks, while FMCG was the lone drag as heavyweights ITC and HUL slipped into the red.

At about 11:30 am, the Sensex was up 178.63 points or 0.22 percent at 80,414.22, and the Nifty was up 87.25 points or 0.36 percent at 24,574.65. About 1960 shares advanced, 1435 shares declined, and 146 shares were unchanged.

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The possibility of a sudden shift in sentiment could trigger short covering and spark a sharp market rebound, though the outcome of the Trump-Putin talks — which may serve as a positive catalyst — remains uncertain, V K Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd said. Meanwhile, Trump’s steep tariffs and worsening US-India relations have dampened sentiment, leading to a build-up of short positions. Tepid earnings growth, stretched valuations, and modest FY26 profit growth projections of 8–10 percent have further emboldened bears to add to their bets, he added.

Sectoral indices were largely in the green, with Nifty Metal leading the pack, up 1.86 percent, followed by Auto at 1.18 percent and Pharma at 0.94 percent. The Nifty Midcap 100 and Smallcap 100 gained 0.68 percent and 0.50 percent, respectively. Infra, Realty, Media, Consumer Durables, PSU Bank, Private Bank, Oil & Gas, Energy, Bank Nifty, and IT also posted modest gains. On the downside, FMCG slipped 0.19 percent and IT edged down 0.11 percent. India VIX eased 0.33 percent, indicating lower volatility expectations.

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As for individual stocks, Premier Explosives surged over 15 percent after the defence and space products maker delivered a sharp jump in its June-quarter earnings and expanded its order pipeline. Net profit for the quarter soared 110 percent year-on-year to Rs 15 crore, compared with Rs 7 crore a year earlier, aided by strong revenue growth. Revenue rose nearly 72 percent to Rs 142 crore from Rs 83 crore.

Defence major Hindustan Aeronautics Ltd (HAL) gained 2.5 percent in trade on Wednesday, August 13, after HAL posted its earnings results for the June quarter. Hindustan Aeronautics reported a 3.7 percent year-on-year drop in consolidated net profit to Rs 1,383.8 crore for Q1FY26, while revenue from operations rose 10.8 percent to Rs 4,819 crore.

Suzlon Energy shares fell up to 4 percent after the company reported its June quarter results and announced the resignation of its chief financial officer. The company posted a 7.3 percent rise in consolidated net profit at Rs 324.32 crore for the first quarter of the current financial year as against Rs 302.29 crore in the same period last year. The company reported that its total revenue from operations grew 55 percent.

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Technical View

"The daily chart shows the formation of a bearish candle with a long upper wick, reflecting selling pressure at higher levels. The index also failed to test its short-term EMA zones and continues to trade below both short- and medium-term EMAs, signalling underlying weakness. Key support levels are placed at 24,400 and 24,300, and a breakdown below these may extend the decline toward 24,000. Resistance is seen at 24,600, followed by 24,700–24,800," Amruta Shinde, Technical & Derivative Analyst at Choice Equity Broking, said.

"The Bank Nifty had a volatile session, attempting an upside move but facing consistent selling from higher levels, ultimately closing down by 467.05 points (0.84%) at 55,043.70. On the daily chart, it formed an Inside Bar pattern, suggesting consolidation and indecision between buyers and sellers. Immediate support lies at 55,000, followed by 54,700–54,500, with a breakdown likely to trigger further selling pressure," she added.

Apollo Hospital, Hindalco, Hero MotoCorp, HDFC Life Insurance, and Kotak Mahindra Bank were the top gainers on the Nifty. Laggards on the index included IndusInd Bank, ITC, Bajaj Finance, Axis Bank, and Wipro.

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