Nifty falls below 25,200 as IT, Pharma, and Financial stocks weigh on markets

The stock market started the week on a negative note with Nifty 50 slipping below 25,200, intraday, amid selling seen in the IT, financial, and pharma stocks.

At close, the Sensex was down 466.26 points or 0.56% at 82,159.97, and the Nifty was down 124.70 points or 0.49% at 25,202.35. BSE Midcap and smallcap indices shed 0.7% each. During the day, Nifty fluctuated between an intraday peak of 25,331.70 and a low of 25,151.05.

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On Nifty, Adani Enterprises was the top gainer with a 3.98% rise, followed by Eternal, Bajaj Finance, Adani Ports, and UltraTech Cement, rising 1.1-1.6%.

Around 31 ended lower, with IT stocks leading the losers’ pack. Tech Mahindra was the worst hit with a 3% fall, followed by TCS, which declined 2.96% and Infosys, which lost 2.55%. Cipla, Wipro, HCL Tech, Tata Motors, and Trent were other top losers, losing 1.5%-2%.

Among the sectors, Nifty IT emerged as the top loser, down 2.95%. Nifty Pharma followed with a 1.41% decline. Nifty Bank, Nifty Auto, and Nifty FMCG indices also ended lower despite the new lower GST rate cuts coming into effect today. On the other hand, Media and metals were among the leaders.

Around 209 stocks hit their 52-week highs while in contrast, 63 stocks touched 52-week lows.

Those on the highs included Adani Power Ltd, Canara Bank, Eternal Ltd, Gujarat Mineral Development Corporation Ltd, Grasim Industries Ltd, Hyundai Motor India Ltd, JSW Steel Ltd, L&T Finance Ltd, Muthoot Finance Ltd, Polycab India Ltd, Radico Khaitan Ltd, and UNO Minda Ltd.

On the lows were notable names like Praj Industries Ltd, United Breweries Ltd, and Route Mobile Ltd.

Among the key performers, HUDCO surged nearly 5% on signing an MoU with NBCC, Oil India shares added 1.2% post JV with RVUNL, Adani Power rose 20% as shares trade ex-split.

On BSE, the advance-decline ratio leaned in favour of sellers. Some 2502 stocks slipped while 1782 advanced.