Mumbai (Maharashtra) [India], May 13 (ANI): Indian stock indices declined substantially lower on Tuesday and closed in the red, possibly due to the profit-booking following Monday’s huge rally.
On Monday, Indian stock indices soared through the roof on Monday, supported by the news that the conflict between India and Pakistan had de-escalated after the two Armed forces reached an understanding.
At the end of the trading session today, BSE Sensex stood at 81,148.22, declining 1,281.68 points or 1.55 per cent, and the Nifty was down 346.35 points or 1.39 per cent at 24,578.35.
On BSE, the midcap index ended near the flatline, while Smallcap index added 1 per cent.
“The domestic market witnessed profit booking today, following yesterday’s sharp rally. The relief-driven surge–fuelled by easing global and domestic risks, including a reduction in trade war tensions and Indo-Pak geopolitical stress–appears to be taking a breather,” said Vinod Nair, Head of Research, Geojit Investments Limited.
Nair added that the consolidation seen in the market is primarily affecting large-cap stocks, while mid- and small-cap segments continue to gain traction.
“This divergence is expected to persist, supported by broad-based earnings improvements reflected in Q4 results so far,” he added.
Observing the markets, Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity said, “Geopolitical tensions remained in focus as market participants monitored the fragile ceasefire between India and Pakistan, adding to the cautious sentiment.”
The market experts said that looking ahead, there is increasing optimism around FY26 earnings growth, underpinned by supportive fiscal and monetary policies, a rebound in external demand, a favorable monsoon outlook, and declining inflation and interest rates.
In the morning today, the Nifty opened marginally lower at 24,864 and briefly climbed to an intraday high of 24,973 before witnessing aggressive selling pressure, plunging to a day’s low of 24,560 and now trading near the day’s low.
Sectoral performance was mixed, with PSU banks, media, and pharma showing resilience, while IT, auto, consumer goods, and realty dragged the index lower.(ANI)
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