Closing Bell: Nifty below 24,400, Sensex down 156 points; PSU Bank, Realty worst hit

Indian equity indices ended on a negative note on May 6 with Nifty below 24,400. At close, the Sensex was down 155.77 points or 0.19 percent at 80,641.07, and the Nifty was down 81.55 points or 0.33 percent at 24,379.60.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Markets traded under pressure and ended marginally lower amid mixed signals. After a flat start, weakness in banking counters weighed on sentiment, with other sectors joining the decline as the session progressed. As a result, the Nifty closed at 24,379.60, down 0.33%. Most sectors, except auto, witnessed losses, with PSU banks, realty, and energy leading the decline. The broader markets also felt the impact, falling over 2%.

Elevated levels in the volatility index (India VIX), coupled with ongoing geopolitical tensions, continue to dampen investor sentiment. In addition to geopolitical concerns, global cues will also remain in focus, especially with all eyes on the US Fed’s interest rate decision due on Wednesday. On the benchmark front, the Nifty may continue to consolidate with a positive bias unless there is a decisive close below the 23,800 level. Meanwhile, we recommend a stock-specific trading approach with a strong emphasis on managing overnight risk.

Today, the Indian stock market closed lower, with the BSE Sensex falling 156 points (0.19%) to 80,641 and the NSE Nifty50 dropping 82 points (0.33%) to 24,380. The market decline was driven by broad based selling pressure, particularly in financial sectors and pharmaceutical. The Public sector banks faced sharp losses, with Bank of Baroda shares plunging nearly 10.12% after weak Q4 results, whereas Nifty Pharma index fell 1.11% following concerns triggered by a US executive order aimed at fast tracking domestic pharmaceutical manufacturing, which poses a risk to Indian drug makers reliant on US exports.

The market mood reflected caution ahead of upcoming earnings and global cues amid Moody’s downgrade of India’s GDP forecast to 6.3% due to global uncertainties.

Today, the benchmark indices witnessed selling pressure at higher levels. The Nifty ends 82 points lower while the Sensex was down by 156 points. Among sectors, most of the leading sectoral indices registered intraday profit booking, but the PSU Banks index lost the most, shedding 5 percent. Technically, after a muted open, the market consistently faced selling pressure at higher levels. A bearish candle on daily charts and a lower top formation on intraday charts indicate further weakness from the current levels.

We are of the view that as long as the market is trading below 24500/81000, the weak sentiment is likely to continue. On the lower side, the market could retest the level of 24250/80300. Further downside may also continue, which could drag the index down to 24175/80000.

On the other side, a dismissal of 24500/81000 could push the market up to 24580-24625/81300-81400. The current market texture is non-directional; hence, levels-based trading would be the ideal strategy for day traders.

On Tuesday, Nifty ended with a bearish candlestick on the daily chart, indicating a firm resistance near the 24,500 mark as market participants stayed cautious ahead of the Fed meeting and Indo-Pakistan tensions. Key support lies in the 24,250–24,200 zone. Technically, a directional trend will emerge only after a decisive move above 24,500 or a close below 24,200. Until then, the index is likely to trade in a range. With the Fed outcome now released, a directional move could unfold in the upcoming sessions.

The domestic market has been consolidating in recent sessions following the strong recovery, driven by cautious sentiment amid India-Pakistan border tensions. Weak earnings growth for the current quarter has further impacted the market. Small- and mid-cap stocks have underperformed compared to benchmark indices. Meanwhile, investors are closely monitoring India's bilateral trade negotiations with the US. Additionally, speculation around the US Federal Reserve is drawing attention, as no rate cuts are expected in the near term, affecting global trends.

Weak global market cues weighed on sentiment and pushed local indices in deep red towards the close but ended off lows amid profit taking in banking, realty and oil & gas shares. Investors continue to maintain caution amid worries over the skirmishes on the Indo-Pak border, while falling crude oil prices indicate that a slowing global economy going ahead will hit demand.

Fueled by geopolitical tensions and weakening domestic equities, the dollar inched up against the rupee. Adding to the rupee's woes were central bank interventions and a soft Chinese yuan. Consequently, the USDINR spot rate is projected to consolidate between 84.25 and 84.90 in the near term.

The market witnessed a volatile session that began with a muted opening, followed by a sharp decline and range-bound movement throughout the day, ultimately closing at 24,379.60 with a loss of 81.55 points. Sector-wise, Auto was the sole performer, while the rest of them ended in red, with PSU Banks and Realty dragging the most.

Throughout the day, relentless selling was witnessed in the Broader markets, as both Midcap and Smallcap indices declined over 2%, underperforming the Benchmark Index.

With a bearish divergence in the RSI and the formation of a bearish engulfing pattern, a potential reversal is expected, with 24,500 acting as a key resistance level, while support is seen near the 24,250 mark.

Indian rupee ended 19 paise lower at 84.43 per dollar on Tuesday against Monday's close of 84.24.

Indian equity indices ended on a negative note on May 6 with Nifty below 24,400.

At close, the Sensex was down 155.77 points or 0.19 percent at 80,641.07, and the Nifty was down 81.55 points or 0.33 percent at 24,379.60. About 787 shares advanced, 3011 shares declined, and 121 shares unchanged.

Adani Enterprises, Eternal, Jio Financial, Trent, SBI Life were among major losers on the Nifty, while gainers were Hero MotoCorp, Tata Steel, Bharti Airtel, M&M, HUL.

Except auto, all other sectoral indices ended in the red with PSU Bank index shed nearly 5 percent, Realty index fell 3.5 percent, while pharma, consumer durables, media, oil & gas, power down 1-2.6 percent.

BSE Midcap and Smallcap indices shed 2 percent each.

#1 Reported a strong & in-line Q4

#2 Sector outlook remains positive

#3 Company continues to guide for double-digit revenue growth

#4 Expect EBITDA/PAT CAGR of 16-18 percent over FY25-FY28

#1 FY25 pre-sales growth of 32 percent driven by a surge at the luxury end of projects

#2 Company expects to repeat the FY25 growth rate in FY26

#3 Q4 was a record quarter for pre-sales

#4 Collections lagged on delayed project completion

#5 Project pipeline large at Rs 40,000 crore will support growth

#6 Downside is limited as stock is trading at 37 percent discount to NAV

The Sensex was down 114.25 points or 0.14 percent at 80,682.59, and the Nifty was down 72.40 points or 0.30 percent at 24,388.75. About 670 shares advanced, 2808 shares declined, and 78 shares unchanged.

Indian rupee has extended the losses to trade lower at 84.43 per dollar against Monday's close of 84.24.

#1 CC revenue growth of 3.4 percent QoQ key positive surprise

#2 Strong growth is likely to sustain

#3 Maintain FY26-27 estimates, expect 23 percent EPS CAGR over FY26-28

#4 Consistent execution & strong growth outlook should support valuations

#1 Profit jumps 25 percent to Rs 522.3 crore Vs Rs 417.8 crore, YoY

#2 Revenue grows 27.3 percent to Rs 2,425.1 crore Vs Rs 1,905.3 crore, YoY

#3 EBITDA soars 30 percent to Rs 856.8 crore Vs Rs 659.8 crore, YoY

#4 Margin expands to 35.3 percent Vs 34.6 percent, YoY

#5 Board recommends dividend of Rs 2.25 per share

Net Profit (RD): Decreased by 59% year-over-year (YoY), reaching Rs 43 Crore compared to Rs 104 Crore in the same quarter last year. The "(RD)" likely signifies a reduction or decline.

Revenue (GU): Showed a slight growth of 1.1% YoY, amounting to Rs 1,222 Crore compared to Rs 1,208 Crore in the corresponding period last year. The "(GU)" likely signifies growth up.

EBITDA (RD): Decreased by 20% YoY, reaching Rs 138.4 Crore compared to Rs 172.5 Crore in the same quarter of the previous year.

Margin: Declined to 11.3% compared to 14.3% in the same quarter last year (YoY).

Approves To Discontinue The Operations Of Kajaria Plywood Due To Lack Of Strategic Fit: The company has decided to cease the operations of its plywood division because it doesn't align with their overall strategic objectives.

Approves Withdrawal Of Investment Proposal Of Rs 30 Crores By Co In Kajaria Ultima: The company has also decided to withdraw a previously planned investment of Rs 30 Crores in Kajaria Ultima.

Top 5 losers weighing down on the index:

The company has received orders of Rs 44.33 crore for design, manufacturing, supply and installation of Dry Mix Mortar Plant/Wall Putty plant, Support equipment for Readymix Concrete Plant, High capacity Silos/Cement Bulk Terminal, Artificial Sand Plants (Crusher), from multiple reputed customers.

Ceigall Southern Ludhiana Bypass, subsidiary of the company has executed the Concession Agreement with the National Highways Authority of India for project worth Rs 923 crore.

The Fed is caught between a rock and a hard place. While jobless claims are rising and growth indicators are softening, inflation hasn’t cooled enough for them to justify a rate cut just yet. A status quo in the upcoming meeting seems most likely. For Indian markets, a pause isn’t necessarily negative, it is already priced in. But any delay in rate cuts beyond June could spark volatility, especially in rate-sensitive sectors like IT and banking. If yields in the U.S. remain elevated for longer, it might keep FII flows under pressure in the short term.

From an investment standpoint, we wouldn’t suggest a major shift in strategy. Investors should avoid chasing short-term noise. The broader macro trend for India remains strong, with domestic demand and earnings growth providing a cushion. But being that little bit more selective in big-cap and domestic consumption plays could help navigate global uncertainty. Essentially, remain invested, stay alert, but don’t overreact.

Indian rupee is trading lower at 84.36 per dollar against Monday's close of 84.24.

#1 Profit tanks 82.6 percent to Rs 11.5 crore Vs Rs 66.5 crore, YoY

#2 Revenue declines 5.7 percent to Rs 359 crore Vs Rs 380.7 crore, YoY

#1 Profit falls 8.5 percent to Rs 584.5 crore Vs Rs 638.7 crore, YoY

#2 Net interest income grows 13.3 percent to Rs 1,480 crore Vs Rs 1,306.1 crore, YoY

#3 Gross NPA drops sharply to 3.37 percent Vs 4.08 percent, QoQ

#4 Net NPA declines to 0.79 percent Vs 0.94 percent, QoQ

#5 Board recommends dividend of Rs 2.15 per share

#1 Profit increases 15.1 percent to Rs 73.2 crore Vs Rs 63.6 crore, QoQ

#2 Revenue rises 2.7 percent to Rs 530.3 crore Vs Rs 516.4 crore, QoQ

The company, through its wholly-owned subsidiary Senores Pharmaceuticals Inc., USA, has signed an agreement to acquire the USFDA-approved Abbreviated New Drug Application (ANDA) for Topiramate HCl 25, 50, 100, and 200 mg tablets from Wockhardt. Topiramate is indicated for the treatment of epilepsy and migraine.

The company’s subsidiary, Fortis Hospitals, has received a rectification order under the Income Tax Act, whereby mistakes in a previous tax demand order were corrected, and the tax demand was reduced to Rs Nil. The original demand was Rs 89.53 crore for Assessment Year 2022–23, raised by the Income Tax Department.

#1 FY25 pre-sales growth of 32 percent driven by a surge at the luxury end of projects

#2 Company expects to repeat the FY25 growth rate in FY26

#3 Q4 was a record quarter for pre-sales

#4 Collections lagged on delayed project completion

#5 Project pipeline large at Rs 40,000 crore will support growth

#6 Downside is limited as stock is trading at 37 percent discount to NAV

The company announced the appointment of Deepak Kapoor as its new Chief Technology Officer (CTO) and Rohan Mittal as the new Chief Financial Officer (CFO).

The company's subsidiary Cyient Inc., based in the USA, has received an order levying a penalty of $26,779.74 towards Employer Shared Responsibility Payment (ESRP) from the US Department of the Treasury, Internal Revenue Service (IRS).

Shilpa Medicare, Unit VI, Dabaspet, Bengaluru, Karnataka, India has received GMP approval from EMA (European Medicines Agency).

The inspection was conducted by Finnish Medicine Agency on behalf of EMA, from March 10 – 14, 2025 and concluded with few minor observations. This GMP approval is for manufacturing, packaging, testing, storage and distribution of two types of complex dosage forms being produced from this facility -Oral Mouth Dissolving Films and Transdermal Systems. The Unit is already approved by MHRA, UK and TGA, Australia.

The Panna-Mukta and Tapti (PMT) joint venture partners - Shell (through BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC) have successfully completed the country’s first offshore facilities decommissioning project with the safe removal of mid and south Tapti field facilities.

The Sensex was down 238.67 points or 0.30 percent at 80,558.17, and the Nifty was down 85.70 points or 0.35 percent at 24,375.45. About 903 shares advanced, 2391 shares declined, and 123 shares unchanged.

Ichnos Glenmark Innovation (IGI) announced that the US Food and Drug Administration (FDA) has granted Fast Track designation for ISB 2001. This designation was granted for the treatment of adult patients with relapsed or refractory multiple myeloma (RRMM). ISB 2001 is an investigational trispecific antibody therapeutic that targets BCMA and CD38 on myeloma cells and CD3 on T cells. It is currently being evaluated in a Phase 1 dose-expansion study.

The company has received a work order worth Rs 187.08 crore from Kerala State IT Infrastructure for the construction of a Dedicated Rural Industrial Park in Thiruvananthapuram.

Bank of Baroda, Hindustan Petroleum Corporation, One 97 Communications Paytm, Alembic Pharmaceuticals, Godrej Consumer Products, Mahanagar Gas, Piramal Enterprises, Polycab India, Aadhar Housing Finance, Aarti Drugs, Aptus Value Housing Finance India, Avalon Technologies, CG Power and Industrial Solutions, eMudhra, JBM Auto, Kajaria Ceramics, Kansai Nerolac Paints, KEI Industries, Radico Khaitan, and Sundaram-Clayton will release their quarterly earnings on May 6.

#1 Delivered 12th consecutive quarter of double-digit EBITDA growth

#2 Expect 12 percent volume & 18 percent core EPS CAGR over FY25-28

#3 Room for further re-rating with strong growth outlook & improving franchise

#4 Company remains one of our preferred buys

#5 See 18 percent core EPS CAGR over FY25-28

The Sensex was down 181.26 points or 0.22 percent at 80,615.58, and the Nifty was down 57.20 points or 0.23 percent at 24,403.95. About 1009 shares advanced, 2173 shares declined, and 138 shares unchanged.

As expected, we see a flat listing of Ather Energy, which was justified, as the issue was aggressively priced, especially when benchmarked against peer OLA Electric. We continue to believe the electric two-wheeler (EV 2W) segment remains highly competitive and capital-intensive, with most players, including market leaders, struggling to achieve sustainable profitability and raising concern with new investors.

Given these facts and risks, we recommend a “HOLD” only to risk taking investors, who are comfortable with short- to medium-term volatility while conservative investors may still prefer a wait-and-watch, allowing the stock to settle with some reasonable valuation post-listing.

Industry being in High Growth – High Competition and High Cash Burning segment, we will see high volatility both in business as well as in the price action, hence investors should be aware of volatility & risk in short to medium term investing.

#1 CC revenue growth of 3.4 percent QoQ key positive surprise

#2 Strong growth is likely to sustain

#3 Maintain FY26-27 estimates, expect 23 percent EPS CAGR over FY26-28

#4 Consistent execution & strong growth outlook should support valuations